Happy with Modi govt's approach: Etihad Airways chief

Says he was pleased with the approach of the new govt, after facing 'tough' time in the last one year

Etihad Airways' chief James Hogan today said he was pleased with the approach of the new government under Narendra Modi, after facing "tough" time in the last one year in getting approvals for 24% stake purchase in Jet Airways.

"It was quite tough. In another market you go through the process and we respect the process and at the end of it you have success.

"In last 12 months, working through the process has been a tough journey of making sure that we navigate with the investment flows, Sebi and CCI approval processes ...," Hogan told reporters here.

Regarding the Modi government, the Etihad chief said, "with the change in government we were concerned with the positioning around investment ... (but) certainly we are very pleased with the positioning of the Prime Minister".

According to him, in India, the key change "is about effective leadership".

Hogan, the President and CEO of the Abu Dhabi-based carrier, termed the Jet deal as "a long term investment. Last year, Jet and Etihad had announced closure of the Rs 2,069 crore deal for the Abu Dhabi-based airliner to acquire 24% in the Naresh Goyal-led carrier, after facing many regulatory hurdles.

The deal also marked the first foreign direct investment infusion by a foreign airline in the Indian aviation sector. Capital market watchdog Sebi as well as fair trade regulator CCI had raised concerns about the deal before giving their clearances.

"I think the key issues about investment in any country are transparency and bureaucracy (among others) ... 12 months down the track, we are pleased with the progress we have made," Hogan said.

"There are challenges in infrastructure, transport, education health ... But what does impress me is that India has outstanding people and executives...," Hogan said.