Tuesday, December 04, 2018

Etihad veterans play key role in Jet Airways’ offer of up to 49% stake

Mumbai: Some senior executives who had joined Jet Airways from Etihad Airways after the latter picked up a significant stake in the Indian carrier in 2012 are playing a key role in the fresh negotiations between the two for additional equity and loans.
Meanwhile, RBSA Advisors, an active valuation consultant that had advised the government on Air India’s planned divestment, has been roped in to estimate a valuation for Jet Airways as the proposed deal inches forward, said two people in the know.
Jet is wooing its Abu Dhabi-based partner, which owns 24% stake in it, to buy more stake and give it soft loans, people familiar with the development told ET.
Among key names in the negotiations are Renyl Rauf, former head of finance at Etihad who joined Jet earlier this year as senior vice president, and Cramer Ball, an Etihad veteran who was Jet’s CEO from May 2014 to March 2016.
Rauf, who joined Jet in August before negotiations started anew, is said to be closely aiding chairman Naresh Goyal in the talks, while Ball is playing an active role from Etihad’s side as senior advisor in Etihad Aviation Group, people close to the matter said.
They said that in a sort of deja vu from 2012 and symbolic of Etihad’s signature working style, more executives from the Gulf airline may join Jet in various roles as and when the deal nears fruition.
04/12/18 Anirban Chowdhury/Economic Times