Wednesday, March 06, 2019

Nivaan Goyal might join Jet Airways board post Naresh Goyal’s exit as per bailout plan

Naresh Goyal, the founder of Jet Airways might name his son Nivaan Goyal as the next leader of the carrier which he founded 25 years ago. The airline business of Naresh Goyal has been going through tough days and he is seeking various measures to take out the business out of the downward spiral of rising debt and inability to meet capital expenditure.

Now, since an SBI led consortium has agreed for a bailout plan and the board and stakeholders have also agreed for the pending bailout plan, the exit of Naresh Goyal is sure and his son who has been working with the airline from the past few years is seen as the potential hire of the cash crunched airline business.

Nivaan Goyal who is in mid twenties now has been associated with the airline since 2016 to learn the ropes. He even represented Jet Airways in the last two meetings with the SBI led consortium instead of his father.

Also, in the last Extraordinary General Meeting (EGM) held in last month, the stakeholders took decision regarding the exit of Naresh Goyal and his majority stake in the airline is almost halved as per the proposed plan.
Jet Airways, in its extra general meeting (EGM) on 21 February gave approval to the resolution plan for revival of the debt ridden airlines. About 98% of the stakeholder gave their approval nod to plan, which includes fresh infusion of funds, conversion of debt into equity and plans for rights issue. Now the speculation regarding the Nivaan Goyal is very apparent seeing the developments of the last few months.
06/03/19 Tej Bhardwaj/Indian Wire