new delhi the centre on monday gave a conditional goahead to the controversial 900million jetetihad deal clearing the deck for the biggest fdi in indian aviation the foreign investment promotion board fipb has asked the two airlines to drop the clause that their shareholders agreement will be governed by british law and instead put it under indian laws once the amended deal is cleared by the cabinet committee on economic affairs etihad can pick up 24 stake in jet for 379 million the deal turned controversial after the aviation ministry gave away additional flying rights of 37000 seats to abu dhabi in april just hours after jet and etihad announced their tieup a number of lawmakers opposed the deal p 19 we have approved the jetetihad deal with some conditions economic affairs secretary arvind mayaram who also heads fipb told reporters the final approval will be given by the cabinet committee of economic affairs jet would have collapsed had the 900million financing from etihad not been cleared the airline made this clear and after kingfishers demise we could not have afforded another big airline going under said a top government official who was privy to mondays fipb deliberations the deal had become controversial because the aviation ministry gave away additional flying rights of 37000 seats spread over three years to abu dhabi on april 24 just hours after jet and etihad announced their tieup a number of lawmakers opposed the deal calling the liberal grant of bilateral as the real deal clincher at a massive premium for jet the fipb had last month deferred approval of the deal following fears raised by it and market regulator sebi that jets effective control and ownership would be ceded to etihad under the terms of the original sha following those concerns etihad substantially diluted its control over jet in the amended sha that was submitted to the fipb last week now any change in the jetetihad sha or shareholding pattern will have to be approved by the government etihad will have two directors in the 12member jet board and not three as proposed earlier jet promoter naresh goyal will have a casting vote on any matter the place of business of jet will remain in india and not shifted to abu dhabi with etihads funding jet proposes to reduce its rs 12500crore debt burden the airline is going to enhance its 100strong fleet size and launch flights to europe north america africa and middle east from abu dhabi which will be connected to 23 indian cities on jets network we are going to build the strongest indian mnc brand in jet naresh goyal had said after the april 24 deal with etihad