With Etihad Airways delaying a decision on infusing fresh equity into Jet Airways, the lenders of the debt-laden airline are exploring the possibility of bringing in a new investor. This could lead to the complete exit of Etihad from the Indian airline.

Jet Airways’ promoter Naresh Goyal had proposed a plan under which Etihad was to invest about ₹1,600 crore to retain its existing 24 per cent stake in the airline. In addition, Etihad was to provide interim financing of ₹750 crore. However, sources close to the development said that Etihad has not agreed to the plan.

Goyal, who had earlier assured his employees that he would come out with a a concrete plan by March 18, said in a letter to them on Monday: “The complexity of the process has led to some delays and will require a further short time to conclude. I once again assure you that I am personally committed to having the process completed as soon as possible and restore the much-needed stability to our operations at the earliest.”

According to sources in the know, “Etihad is facing a financial crunch itself, and Goyal’s request to remove the cap of 22 per cent on the promoter’s shareholding does not seem to be going quite well with the board.”

In response to BusinessLine ’s query, an Etihad spokesperson said: “As a minority shareholder, Etihad is working closely with the Indian lenders, the company and key stakeholders to facilitate a solution for Jet Airways.” Jet Airways remained unavailable for a comment.

4 more planes grounded

The latest development comes even as the situation is turning from bad to worse for the airline.

On Monday, Jet Airways said it has grounded four more aircraft on account of non-payment of dues to the lessors. The airline also said that it has defaulted on payment of interest to debentureholders. Jet’s pilots union has also sought the government’s help to recover pending salaries and dues.

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