Etihad Airways (EY, Abu Dhabi International) and has successfully completed its 24% equity-stake acquisition of Jet Airways (JAI, Mumbai International) valued at USD325million. All requisite Indian regulatory approvals were obtained by November 12, 2013. The move marks the first FDI infusion by a foreign airline in the Indian aviation sector since the recent regulatory changes. In a statement, the two carriers also announced that Etihad President and CEO, James Hogan, and its Chief Financial Officer, James Rigney, have been appointed as additional directors on the board of directors of Jet from November 20, 2013. Mr. Naresh Goyal, Chairman of Jet Airways said: “The infusion of foreign direct investment in the aviation sector will result in economies of scale, grow traffic at our airports and create job opportunities. I am confident that this investment will greatly benefit all our stakeholders whilst significantly benefiting our customers who will now have access to a more expanded global network.”