Etihad Airways, which is widely expected to buy up to 24% stake in Jet Airways, could get equal board representation in the Indian company. The Abu Dhabi-based airline is also expected to step up its stake in Jet in phases to 49%, though this could happen over a number of years, they added. 

The two sides are believed to be very close to striking an agreement after months of intensive negotiations. On Thursday, Jet Airways promoter Naresh Goyal and Etihad Airways CEO James  Hogan  met Civil Aviation Minister Ajit Singh and discussed their plans for an alliance. Hogan also met Commerce Minister Anand Sharma as per an ET report.

Though the airline management refrained from commenting about the deal after meeting the minister, government officials told ET that the deal could be announced within a week. 

"Etihad will get 50% representation on Jet's board immediately after buying up to 24% equity stake. The Jet Airways CEO will also be jointly decided, even though Jet is the majority shareholder," an official said. 

Etihad is expected to invest $300 million in Jet for the 24% stake, valuing the Indian carrier at $1.2 billion, or 6,380 crore, which is 19% higher than the current market cap of 5,371 crore.

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