Jet Airways Chairman Naresh Goyal will step down from the board of the Indian ca...
NEW DELHI/MUMBAI - Jet Airways Chairman Naresh Goyal will step down from the board of the Indian carrier he founded 25 years ago and its lenders will seize control, the company said, as part of a deal led by state-run banks to save the airline from bankruptcy.
Goyal’s departure, however, could reignite investor interest in India’s oldest private airline. Tata Sons in November had been in talks to invest in Jet on the condition that Goyal would step down or take a less prominent role, sources have said. Jet will use the money to partly clear dues owed to lessors, vendors, creditors and employees in a phased manner, the airline said in a separate statement. It will re-deploy several of its grounded aircraft and renew many of the routes it had temporarily suspended.
The next steps, which include the amount of equity capital being infused and the selection of the new board, are more critical, said CAPA India CEO Kapil Kaul.
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