Thursday, October 18, 2018

Tatas not OK with Goyal in Jet Airways cockpit, wants complete control over the airline

The Tata Group wants complete control over Jet Airways along with the exit of existing promoters, the Goyal family, and has rejected an initial proposal for part-ownership and joint control of the airline.
People close to the talks said the Tata Group has made it clear to Jet representatives that it is interested in an outright purchase either of the entire company or its assets such as aircraft and other aviation-related infrastructure.
It will not, however, be interested in a deal where the Goyals, who currently own 51 per cent of Jet, retain significant control. The Times of India had reported on Thursday that the Tata Group and Jet Airways were in initial talks for a stake sale.
Jet representatives offered the Tatas 26 per cent and some board-level positions, including vice-chairmanship. This proposal has been rejected. “The Tatas are interested in buying out the entire airline and significantly scaling up the existing business,” said a top official close to the development.
18/10/18 Kala Vijayraghavan,Indulal PM, Baiju Kalesh/Economic Times

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