BRIEF-India's Jet Airways says board okays sale of Jet privilege frequent flyer business to subsidiary

Wed Nov 20, 2013 6:02am EST

Nov 20 (Reuters) - Jet Airways (India) Ltd : * Says board approves sale of the Jet privilege frequent flyer programme

business of the company to its subsidiary * Source text: Board approves sale of the Jet Privilege Frequent Flyer Programme business of the Company to its subsidiary Jet Airways (India) Ltd has informed BSE that the Board of Directors of the Company have approved the sale of the Jet Privilege Frequent Flyer Programme business of the Company to its subsidiary, Jet Privilege Private Limited as a going concern on a slump sale basis. The Company and Etihad Airways PJSC have also agreed to make equity investment in Jet Privilege Private Limited following which Jet Privilege Private Limited will become 50.1% owned by Etihad Airways PJSC (with the Company holding approximately 49.9%). The consummation of the transaction is subject to the approval of the Competition Commission of India and will only be effected after receipt of such approval. The Company will seek the approval of the Members under section 180(1)(a) of the Companies Act, 2013, as may be required, by way of Postal Ballot. * Further company coverage

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