New Delhi: The promoter of India’s second-largest passenger carrier Jet Airways, Naresh Goyal, has laid the groundwork for a complex transaction that will enable him to sell 24% stake in the airline to Abu Dhabi\'s Etihad Airways.
Goyal re-registered Tail Winds to make it into a corporate vehicle known as New Manx Vehicle (NMV) on February 12, which will make the restructuring or winding up of Tail Winds a smoother and quicker process. NMVs were allowed by Isle of Man as part of the country\'s new Companies Act 2006. The information was retrieved from the Isle of Man registrar of companies website by FE. Jet Airways did not comment on the matter.
Previously Tail Winds, through which Goyal owns a 79.99% stake in Jet Airways, was a normal Isle of Man Company registered under the Isle of Man Companies Act 1931-2004.
21/03/13 Debabrata Das/Financial Express
