Etihad declined to invest in Jet Airways again because of ‘unresolved issues’
Etihad Airways balked at reinvesting in grounded carrier Jet Airways due to various ‘unresolved liability issues’ it said.
Etihad purchased a 24% stake in the airline back in 2013.
"Since then, Etihad has consistently and constructively sought and advanced solutions to help resolve Jet’s issues but as a minority shareholder, Etihad has had limited capacity to secure required changes," Etihad said in a statement.
The Abu Dhabi based airline filed an expression of interest earlier this year but only as a minority stakeholder with a controlling partner but no agreement could be reached.
Jet Airways is currently in bankruptcy resolution and its main creditors recently sought new expressions of interest.
It received three proposals but within days two of these have decided to pull out.
Anil Agarwal, billionaire chief of Vedanta Resources Limited had filed an EoI through his family trust, Volcan Investments, but then backed out earlier this week.
Although Etihad will not be investing, it is still has a ‘continued commitment’ to India.
It links Abu Dhabi with 10 destinations in India and ‘is continually increasing the frequency of flights, the size of aircraft, and the quality of the product.’
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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