Jet Airways founder Naresh Goyal may step down as chairman today

Naresh Goyal
Naresh Goyal
Author

26 March, 2019

SpiceJet chief Ajay Singh on Monday said it was a "sad day" for Indian aviation as Naresh Goyal and his wife Anita Goyal stepping down from the board of Jet Airways.

Jet Airways share price has been gaining for the last two days and has risen 6.93% during the period.

Saddled with debt of more than $1 billion, Jet has been on the brink of collapse, and had to ground flights as it struggled pay lenders, suppliers, pilots and leasing companies.

"Immediate Funding support of up to Rs 1,500 crore by lenders by way of issue of appropriate debt instrument against security of its assets which will restore normalcy to Company's level of operations", it said.

Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline.

Saving Jet is crucial for Indian Prime Minister Narendra Modi as he looks to avoid thousands of job losses ahead of a general election.

The banks will issue a loan of 15 billion rupees ($218 million) to meet Jet's obligations and form an interim management committee to oversee operations, it added.

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The airline has not paid salaries to a section of its employees, including pilots.

A bidding process will be initiated for new investors, which is expected to be completed in the June quarter.

As a result, the stake of promoter Naresh Goyal will come down to 25 per cent from 50 per cent, while Abu Dhabi's Etihad Airways, which had a 24 per cent stake in the carrier, came down to 12 per cent.

The company further said that a resolution plan being formulated by a consortium of domestic lenders led by State Bank of India in accordance with the guidelines set out under the Reserve Bank of India on.

Soon after Goyal stepped down from the airline's board, Jet stocks jumped over 13 per cent. "By launching a truly world class airline, Naresh and Anita Goyal made India proud", Singh said in a statement.

In a stock market filing which also announced the resignation, the company said that banks would lend around $210m to keep it afloat until it starts to sell shares to new investors.


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