Tata Group eyeing controlling stake in cash-strapped Jet Airways
Indian conglomerate Tata Group is reportedly keen to take a stake in troubled Jet Airways, with a view to taking control.
According to sources cited by the Times of India, it is seeking at least 26% with a further 26% by an open offer at a later date.
Jet is seeking a minority stake sale, but Tata is proposing control of the ailing airline which is struggling to pay salaries on time.
Tata already operates two joint venture airline businesses – Vistara and AirAsia India with Singapore Airlines and AirAsia Group respectively.
Jet Airways chairman Naresh Goyal is the majority shareholder while Etihad Airways owns a 24% share.
However, Etihad may offload part or all all of its stake in Jet Airways to Tata Group.
Jet has started a long term cost-cutting programme to eliminate unnecessary overheads and streamline operations including maintenance functions.
It has also actively sought an equity injection in its frequent flyer programme to provide immediate working capital.
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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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