Jet Airways is to sell about 32 percent stakes to Abu Dhabi-based Etihad in a deal worth 380 million dollars. It would be the first ever deal between an Indian air carrier and a foreign airline since the Government hiked foreign investment up to 49 percent in the aviation sector.A statement from Jet Airways to the Bombay Stock Exchange said the company will sell 27 million shares to Etihad, at Rs. 754.74 per share, on a preferential basis.It is yet to be approved by the shareholders. The deal comes after Asia-Tata venture announced no-frills carrier in India which is expected to start operations later in 2013.The Jet -Etihad deal will help the foreign carrier to expand its footprint in India and make Abu Dhabi an alternative hub apart from Dubai for Indians traveling to US and Europe. However, for domestic Low Cost Carriers and Air India it would mean more competition. Eitehad market share from India is merely 2 percent compared to 13 percent for the Emirates Airlines.