Jet Airways soars on news of Delta stake bid
Embattled Jet Airways received a boost on the back of reported interest from Delta Air Lines about a possible stake purchase.
Jet’s stock price saw a double-digit spike on the speculation first reported in the India based Financial Express.
Citing sources familiar with the matter, the Atlanta based airline is potentially ready to buy stakes held by chairman Naresh Goyal and Etihad Airways.
It would also invest capital in the ailing business.
One obstacle in Delta’s way is the ongoing negotiations with India’s Tata Group which has expressed interest in buying a stake in Jet.
Both Delta and Tata reportedly want to significantly dilute the 51% shareholding of founder Naresh Goyal and have a say in running the business.
"All the prospective buyers have the same condition. They want complete control over Jet after a deal," a senior airline executive said.
Delta has reportedly been in talks since earlier this year but they stalled over the future role of Goyal who apparently wants to retain a significant shareholding.
Delta and Jet Airways already collaborate with a codesharing partnership and Delta has made no secret of its interest in the fast growing India market.
It is slated to become the world’s third largest market by 2025.
Jet’s CEO Vinay Dube is also a former Delta executive.
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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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