Etihad Airways has completed the purchase of a 24% stake in Indian carrier Jet Airways.

The deal was concluded after all Indian regulatory approvals were obtained last week.

Jet Airways chairman Naresh Goyal said: “The infusion of foreign direct investment in the aviation sector will result in economies of scale, grow traffic at our airports, and create job opportunities.

“I am confident that this investment will greatly benefit all our stakeholders whilst significantly benefitting our customers who will now have access to a more expanded global network.”

Jet Airways would enhance connectivity together with its UAE partner for tourists, business travellers, Indian families and the wider travelling public, he added.

Etihad president and chief executive James Hogan said: “India is one of the largest and fastest-growing markets in the world and a key part of the Etihad Airways growth strategy.

“Through this association, Etihad Airways and Jet Airways will both be strengthened, as will the economies of India and the UAE.

“By linking our two networks and adding new flights, new routes and more codeshare options, travel to, from and within India will become much easier.”