Jet Founder Naresh Goyal, Wife Anita Goyal Exit Amid Debt Crisis

Marco Green
March 25, 2019

With this, Naresh Goyal ceases to be the Chairman.

Jet Airways communicated this to the exchanges after its board held a meeting today.

Jet Airways' lenders may this week invite expressions of interest (EoI) from investors looking to acquire the ailing airline.

With just six days left to the end of this financial year, lenders are in a rush to seal a resolution plan.

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, India, November 29, 2017.

Etihad's stake is likely to be diluted in the near future, the television channel reported.

Jet Airways' joint venture partner Etihad Airways has already expressed interest in divesting its stake in the company, as it did not agree to the revised agreement between the shareholders, under which it had to pump in fresh equity of ₹1,600 crore.

The pilots have offers from SpiceJet or IndiGo, sources told Moneycontrol. Aviation regulator DGCA has said that only 41 Jet Airways aircraft are now available for operation, bringing down the fleet strength to less than half. Earlier this month, it was reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline.

Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. The development comes as a majority of the airline's fleet has been grounded amid non-payment of dues to banks, suppliers, pilots and lessors.

Shares of Jet Airways surged almost 15% to ₹259 on BSE today. The infusion helped the airline pare down its debt and fight growing domestic competition.

Other reports by Click Lancashire

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