Etihad Airways has made an equity investment of $379m in India’s Jet Airways, taking a 24 per cent holding of the enlarged share capital in the airline. The UAE national carrier has agreed to subscribe for 27,263,372 new shares in Jet at a price of INR754.74 per share. The agreement includes an injection of $220m to “create and strengthen a wide-ranging partnership” between the carriers, while Etihad paid $70m to purchase Jet Airways’ three pairs of Heathrow slots through a sale and lease back agreement first announced on February 27, 2013. Jet Airways continues to operate flights to London utilising these slots. The strategic partnership is subject to full regulatory and shareholder approval.