Commerce and Industry Minister Anand Sharma has said that the Jet-Etihad deal will not be impacted by any Cabinet decision taken on the new definition of ‘control’ in the Foreign Direct Investment Policy.
The Industry Department, however, may seek legal opinion on whether the Cabinet could ignore the new definition of control while considering the Jet-Etihad deal if the new definition gets approved and notified before that. “We want to be sure that there won’t be any legal problems with the Cabinet considering the approval given by FIPB to the Jet-Etihad deal on the basis of the definition of control existing when FIPB approved the proposal. Sine the new definition of control is expected to be in place by the time Cabinet considers Jet-Etihad deal, we want to seek legal opinion on it,” a DIPP official told Business Line .