Given Kingfisher's grounding and the difficulties Air India continues to face in its restructuring, Jet Airways has been the only viable candidate lately. And low-cost carrier business models are unlikely to lead to any meaningful alliance possibilities.

For Etihad, a Jet Airways investment would fit a pattern. The carrier has previously bought minority stakes in Virgin Australia, Air Seychelles, Air Berlin and Aer Lingus. Hogan says the group has become “the world's first equity alliance.” He claims the ties deliver “strong and growing revenue streams” that complement Etihad's own organic growth and provide cost synergies and value in joint procurement.