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Etihad is paying a 32 percent premium to Jet's closing share price Tuesday of 573.85 rupees. India's markets were closed Wednesday for a public holiday. India's airline industry has expanded enormously in recent years, but only one airline, Indigo, has been able to turn a consistent profit, while others suffered from labor strife and mismanagement. Last year, the Indian government decided to allow up to 49 percent foreign ownership of airlines as part of reforms to help revive a slowing economy. AirAsia, Southeast Asia's top budget carrier, last month said it will set up a Chennai-based airline with India's Tata conglomerate to serve the domestic Indian market.
[Associated
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