Saturday, November 17, 2018

Tatas confirm talks with Jet, but board meet inconclusive

Mumbai: About a month after TOI broke the story about the Tatas being in talks with Naresh Goyal+ to acquire a stake in Jet Airways, which he’d founded 25 years ago, India’s largest conglomerate on Friday publicly acknowledged for the first time that it had held discussions, but added that they were “preliminary”.

TOI was also the first to report that Tata Sons chairman N Chandrasekaran had called a meeting on Friday+ to seek the group holding company’s backing for the acquisition—but if he was hoping for a speedy nod, that wasn’t forthcoming with two prominent directors expressing some reservation about betting big money on a loss-laden, debt-ridden airline that may need upwards of $2 billion to be flying-fit again.

After a six-and-a-half-hour-long inconclusive board meeting—at which Chandrasekaran was to present a business viability plan—Tata Sons issued a statement that it was yet to make a “proposal” to Jet Airways.
17/11/18 Reeba Zachariah and Boby Kurian/Times of India