Etihad Airways will purchase a minority stake in India’s largest full-service carrier, Jet Airways.
The two airlines had been negotiating for the deal for the past few months.
Etihad will spend about $379 million to purchase the 24 percent stake in the Indian airline. It will also buy Jet’s 3 Heathrow slots for about $70 million.
Abu Dhabi, UAE based Etihad also owns stakes in Aer Lingus, Seychelles Airways, airberlin, and Virgin Australia.
India relaxed the regulations for foreign investment in the country’s airlines in 2012.