Jet Airways has confirmed it is in discussions with Abu Dhabi-based Etihad Airways regarding the sale of a minority stake in the Indian carrier.

Although the companies have not yet finalized any provisions, “various structures are being explored by the legal and commercial teams,” says Jet Airways in a Jan. 3 regulatory filing with the Bombay Stock Exchange. “Care [is] being taken to ensure that all regulatory requirements are fully complied with,” it says.

The confirmation of a potential stake sale follows reports that Etihad will buy a 24% share in Jet Airways for up to 18 billion rupees ($330.82 million) within the next few days. Jet Airways is India’s largest airline in terms of total passengers carried.

An official at Etihad Airways could not be reached for comment. Etihad currently has stakes in Air Berlin, Aer Lingus, Virgin Australia and Air Seychelles.

The Indian government’s recent announcement that it would allow foreign carriers to own up to 49% of Indian airlines is aimed at reforming India’s ailing aviation industry by boosting foreign investment.

Boeing 777-300 photo: Jet Airways