Current Affairs India - 29 July 2013

1. The Foreign Investment Promotion Board (FIPB) has approved the Jet-Etihad proposal today. Now, the matter will go to the Cabinet Committee on Economic Affairs for final clearance. The proposal involves Etihad buying 24% equity in Jet Airways at a cost of Rs 2,058 crore. This is the largest FDI proposal in the civil aviation sector till now.

The proposal has been approved with conditions. As per the details, the Jet Airways board will have 12 members -- four from Jet, two from Etihad and six independent directors. The Jet Airways board will be the final decision-making body, and all other committees would be advisory in nature.