Monday, December 10, 2018

Yusuffali says no plans to invest in ailing Jet Airways

Naresh Goyal, promoter of the troubled Indian airline Jet Airways, is understood to have approached M A Yusuffali, chairman and managing director of UAE-based retail giant Lulu Group International, to invest in the ailing carrier.

Goyal is understood to have opened the channel of discussions with Yusuffali, in parallel with his on-going negotiations with Abu Dhabi-based Etihad Airways to increase the latter’s stake in Jet Airways from the existing 24 percent to 49 percent, according to Indian media reports.

Jet Airways’ efforts to entice an Indian investor in the airline is due to the Indian foreign direct investment rule that does not allow a foreign airline or foreign investor to have management control of an Indian airline.
Yusuffali, however, told Economic Times that he has no interest in acquiring stake in an airline and that he was focused on his investments in retail and hospitality.

A leading businessman from Kerala, who also has business interests in UAE and knows Yusuffali well, told Arabian Business that there is a strong possibility of the Lulu Group owner considering the option of joining the board of the Jet Airways management as this could propel him to prominence nationally in India, without having to make any major investment in the airline.
09/12/18 James Mathew/Arabian Business