Jet Airways: Naresh Goyal withdraws from bidding after Etihad, TPG Capital threaten to walk out

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The Economic Times | A Times Internet Limited product




A cluster of three companies said to represent Jet Airways founder Naresh Goyal has withdrawn from the bidding process for the distressed airline after Etihad Airways and TPG Capital threatened to walk out of the deal if Goyal was part of it. Meanwhile, Jet’s management has proposed a complete suspension of operations to its board in an ongoing meeting as there is no financial assistance forthcoming from the airline’s lenders




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    A cluster of three companies said to represent Jet Airways founder Naresh Goyal has withdrawn from the bidding process for the distressed airline after Etihad Airways and TPG Capital threatened to walk out of the deal if Goyal was part of it. Meanwhile, Jet’s management has proposed a complete suspension of operations to its board in an ongoing meeting as there is no financial assistance forthcoming from the airline’s lenders




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    Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, sources said Tuesday. The full service carrier, which is currently operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.




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    Jet Airways founder and principal promoters Naresh Goyal, and his wife Anita Goyal will today step down from the board and leave the airline they founded nearly 25 years ago, ET Now learns exclusively from sources. The formal announcement on the Goyals exit is expected later today.

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    Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, a source with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.
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    - VEBLR - (https://veblr.com/)
    - ASHI, Haryana's website - https://ashi-haryana.org/

    About ASHI, Haryana:
    Association for Social Health in India (ASHI) is a Voluntary and Social Organization aiming at challenging those conditions that lead to exploitation of women and children for anti-social purposes by providing shelter for Destitute & Orphan children and arranging for their education, vocational training and rehabilitation are one of the Association’s main activities. The Governor of Haryana, their Chief Patron, visits the Home once a year to encourage and bless the children.

    All Rights Reserved - Pinaka Mediaworks LLP - 2019
    Produced by: Association of Social Health in India (Haryana State Branch), Pinaka Mediaworks & Rolling Frames Entertainment.
    Director: Ojaswwee Sharma

    Production House - Pinaka Mediaworks LLP
    - Associate Director: Rohit Kumar
    - Editor: Bhasker Pandey
    - Cinematography Team:
    Raman Kumar
    Harjas Singh Marwah
    Surinder Singh
    - Subtitles: Diveeja Sharma

    For Pinaka Mediaworks LLP (India)

    - Co-founder & CFO: Sunil Sharma
    - Brand Communication Head: Diveeja Sharma
    - Head of Post Production: Bhasker Pandey
    - Legal Advisor: Vishal Taneja

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