Abu Dhabi’s Etihad Airways has finalised a deal to secure a 24 per cent equity stake in India’s Jet Airways.

The long-awaited final regulatory approvals from India were obtained on 12 November.

On 20 November, Jet Airways issued 27,263,372 equity shares to the airline, which equates to an equity stake of approximately $379m.

The investment marks the first time that an overseas operator has invested in an Indian airline. It follows the relaxation of regulations in India last year that permitted foreign carriers to purchase stakes of up to 49 per cent in local airlines.

Through codeshare agreements between the two, passengers on Jet Airways will be able to tap into Etihad’s global destination network.

The equity stake in Jet Airways reflects Etihad’s wider growth strategy. The airline announced at the Dubai Airshow on 19 November that it had secured a 33.3 per cent stake in Swiss-based airline Darwin Air.

Through its partnership with Darwin, Etihad will rebrand all Darwin flights within Europe as “Etihad Regional”. It is the first time the brand name has been used by Etihad Airways as part of an equity agreement and will set a precedent for future deals.