Ready to infuse up to ₹700 cr in Jet Airways subject to conditions: Goyal

Forum Gandhi Mumbai | Updated on January 17, 2019 Published on January 17, 2019

Naresh Goyal, Chairman, Jet Airways. File photo   -  AP

The offer comes against the backdrop of Etihad reportedly putting forward strict conditions

Naresh Goyal has made an offer to infuse Rs 700 crore in Jet Airways if he is allowed to retain at least 25 percent stake in the airline. 

In a letter to Jet Airways' lender State Bank of India, Goyal said that he should be allowed to remain the promoter of the airline. Goyal has also said he is ready to pledge all his shares in the company if he is allowed to retain 25 per cent stake.  The letter was sent to SBI on January 16. 

State Bank of India on Thursday said lenders are considering a resolution plan for Jet Airways to ensure long-term viability of the debt-laden company.  

Jet Airways on Wednesday had said that it is discussing a comprehensive resolution plan with its lenders in a bid to put the ailing airlines back on track. 

“The said resolution plan, inter alia, contemplates various options on the debt-equity mix, proportion of equity infusion by the various stakeholders and the consequent change in the composition of the Company’s Board of Directors,” Jet Airways said in a statement.

“The resolution plan is presently under active discussion amongst the stakeholders and the various options therein, being privileged and confidential, are yet to be crystallised and agreed to by the stakeholders in the best interests of the Company,”it added. 

This comes even as media reports suggested that Etihad Airways has set stiff conditions, including complete exit of Naresh Goyal and his family from the management of Jet Airways. Etihad has also offered Rs 140 to 150 a share, far lower than the current market price.

Published on January 17, 2019
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