Saturday, March 23, 2019

Jet Airways lenders may re-initiate talks with Tata Group, says report

Lenders of cash-strapped Jet Airways are looking to re-start talks with the Tatas as a possible new investor in the Indian airline, The Hindu Business Line reported.

The development comes after Etihad Airways, which holds a 24 percent stake in Jet Airways, offered to sell its stake in the beleaguered airline.

Tatas, who were keen to buy the airline and were in preliminary talks with Jet in November, have already been approached by the lenders and a formal offer is likely to be sent soon, said the report citing top sources.

Sources told the paper that the lenders have reached out to 'multiple players, including the Tatas.

The talks in November with the Tata Group, however, did not bear fruit. Tatas already own stakes in Vistara, 51 percent, and AirAsia India , 49 percent.

One of Tatas demands, as per a CNBC-TV18's report, was for the chairman, Naresh Goyal, to step down from the airline's board. Now that the lenders have asked Goyal to step down and Etihad is already willing to exit, it is easier for Tatas to acquire a controlling share in Jet.
23/03/19 CNBC-TV18.com

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