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PHOTO FILE: Naresh Goyal, President of Jet Airways, will speak at a press conference in Mumbai, India on November 29, 2017. REUTERS / Danish Siddiqui / File Photo
NEW DELHI (Reuters) – Jet Airways President Naresh Goyal and his wife will step down from the airline's board of directors, Indian television news channels announced on Monday. Indian short – haired carrier is approaching a rescue contract run by state – owned banks. .
Goyal's stake will be reduced to 25.5% from the current 51%, while Etihad Airways' participation in the heavily indebted carrier will also be reduced to 12%, which will allow the banks to take a majority stake. 50.5% in the airline. one of the TV channels, ET Now, reported, citing anonymous sources.
Throwing more than $ 1 billion in debt, Jet owes money to banks, suppliers, pilots and lessors – many of them have begun to terminate leases with the carrier.
The government has asked the state-run banks, led by SBI, to rescue Jet without bankruptcy. Two Indian government officials told Reuters that Prime Minister Narendra Modi was seeking to avoid thousands of job losses weeks before the parliamentary elections.
Information indicating the departure of Goyal has resulted in an increase of more than 12% of the shares of Jet.
Reporting by Aditi Shah; Edited by Martin Howell
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