Jet to buy 26% in Malaysian Airlines JV

The board of directors of Jet Airways has given its in-principle approval to acquire 26 per cent stake in MAS GMR Aerospace Engineering Company for an unspecified amount.

The Hyderabad-based MAS GMR Aerospace is a joint venture between Malaysian Airlines' engineering arm and the GMR group engaged in setting up a Maintenance, Repair and Overhaul (MRO) facility.

The 26 per cent stake in MAS GMR will be acquired partly in cash and partly for consideration other than cash, Jet Airways said in a communication to the Bombay Stock Exchange.

The transaction is subject to regulatory approvals, the company said.