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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
MUMBAI (Reuters) – A group of Indian public banks want Jet Airways founder and current chairman Naresh Goyal to reduce its stake in the carrier to 10 percent, the CNBC-TV news channel reported on Thursday. citing sources.
"The banks want Goyal to reduce its stake to 10%, less than the 17% forecast in the bank-run interim resolution plan (BLPRP)," sources told CNBC-TV18.
State banks are also pushing Goyal to withdraw, CNBC-TV18 added.
Jet has a debt of over one billion dollars and owes money to banks, suppliers, pilots and lessors, some of whom have begun to terminate the leases entered into with the carrier.
The government has asked state-run banks, led by the State Bank of India (SBI), to rescue Jet without bankruptcy, two government officials told Reuters on Wednesday. Prime Minister Narendra Modi seeks to avoid thousands of weeks of job losses before a general election.
Several people who worked closely with Goyal, 69, told Reuters that his penchant for control had become a major obstacle to negotiating a rescue deal.
SBI Chairman Rajnish Kumar said on Wednesday that a resolution plan was "almost" ready and that it would not require bailouts for any individual, including Goyal.
Jet and SBI did not immediately respond to requests for comment on Thursday, a holiday in India.
Written by Alexandra Ulmer; Edited by Subhranshu Sahu
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