The Cabinet Committee on Economic Affairs, CCEA has cleared Jet Airways' proposed sale of 24 per cent equity to Abu Dhabi-based Etihad Airways, paving the way for the biggest ever foreign investment in the Indian aviation sector.

The decision was taken at a CCEA meeting chaired by Prime Minister Manmohan Singh last evening. The approval will result in foreign investment amounting to over 2,057 crore rupees in the country.

The Cabinet also approved the acquisition of 20 per cent stake by ONGC Videsh, OVL, and Oil India, OIL in a giant Mozambique gas field that is estimated to hold as much as 65 trillion cubic feet of gas.

The acquisition has been done in two parts OVL and OIL will jointly acquire Videocon's 10 per cent stake for about 2.475 billion US dollars, while OVL, on its own, will acquire Andarko Petroleum's 10 per cent stake for 2.64 billion US dollars.