Etihad planning to infuse around Rs 1,600-1,900 crore into Jet Airways
12th Mar 2019

Etihad Airways is planning to infuse around Rs 1,600-1,900 crore into Jet Airways under a proposed deal wherein Naresh Goyal would step down as chairman of the company. By this infusion, Etihad's stake in Jet Airways would increase to 24.9%.

Under the proposed deal, Goyal would step down as chairman and director of Jet Airways but can nominate two persons to the company’s board. Goyal would be designated as chairman emeritus while his son Nivaan Goyal would be offered an appropriate executive position subject to certain conditions.

The company is facing acute financial crunch that has forced it to ground many planes as well as delay payment of salaries and loan repayments.

Jet Airways is India’s premier international airline, which operates flights to India and overseas. The company’s robust domestic India network spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.