(MENAFN - AFP) Loss-making private Indian carrier Jet Airways said on Thursday that it was in talks with Etihad Airways about selling a stake to the Abu Dhabi-based airline.
"These discussions are in progress but no terms have been firmed up at present," Jet said in a statement to the Bombay Stock Exchange.
The airline said an "appropriate announcement" would be made once the terms of the investment by Etihad were finalised.
The Business Standard newspaper reported on Thursday that Etihad may pick up a 24-percent stake in Jet, valued at between 15 to 18 billion rupees (270-320 million), quoting an unnamed aviation ministry official.
Several loss-making Indian airlines have been in talks with foreign carriers after the government last year opened up the aviation sector further to allow non-Indian airlines to invest in their counterparts in the country.
A deal between Jet and Etihad could make matters worse for ailing Kingfisher Airlines, which is is in desperate need of cash to fly again and was in talks with Etihad to sell a stake.