MUMBAI: The finance ministry’s Enforcement Directorate (ED) has begun an initial probe into Etihad Airways PJSC’s investment in Jet Privilege Pvt. Ltd (JPPL), the frequent-flyer programme of Jet Airways (India) Ltd.
The country’s top economic intelligence agency is seeking to ascertain whether certain foreign direct investment (FDI) norms were violated when the Abu Dhabi-based carrier took a stake in JPPL in 2014, a senior ED official said on condition of anonymity.
“ED is examining Etihad Airways’ investment in JPPL and whether there were any violations of FDI norms in the process,” the official said, adding that the agency was also probing if Etihad secured the necessary approvals from the erstwhile Foreign Investment and Planning Board (FIPB) for making the investment. India abolished FIPB in May 2017.
