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Jet Airways founder Naresh Goyal steps down as chairman of Airline's Board

  •   Thu, Feb 28 2019 08:55:28 PM

New Delhi, Feb 28(Reuters): 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 said on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Eithad, which owns a 24 percent stake in Jet Airways, is however reticent to provide interim funding of about 7 billion rupees ($99 million) to Jet Airways, the source said. Jet did not immediately respond to a request for comment.

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months. Lessors have grounded more than a dozen of its planes pending payment of dues.
  

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Comment on this article

  • PEDDA GUNDOO, MANGALURU

    Fri, Mar 01 2019

    These people living the lavish life style and ending like MALLYA Style ! these arrogant corporate people should learn from Mallaya mistakes ! end of the day who will pay for it that is the same poor people who employed ! politicians also making same way and who have to pay for it the same tax payers !

    DisAgree Agree [1] Reply Report Abuse

  • SmR, Karkala

    Thu, Feb 28 2019

    India’s aviation sector is on a wing and a prayer. Another Indian private airline the country’s second-largest airline by market share in the verge of collapse.
    Jet posted its third consecutive quarterly loss on Nov. 12 and has been under pressure to service its huge pile of debt, which, as of June this year, stood at Rs8,620 crore ($1.18 billion). The company’s efforts at cutting down costs seem to have yielded no results yet.
    Even market leader IndiGo, never in the red since listing on the stock exchanges three years ago, posted losses in the July-September quarter of this financial year. It recouped, but only just, in the October-December period.
    Flagship Air India, of course, has for a while been on ventilator support from the government.
    In fact, we are creating thousands of jobs in the aviation sector in the Gulf region, China, and Malaysia, but not in India.
    To connect unserved and under-served airports, a regional connectivity scheme, Prime Minister Modi government was introduced 'UDAN' policy.
    Before the 'UDAN' takes off, the Indian private airlines seem to be nose-diving for the fatal crash.
    Jai Hind

    DisAgree Agree [3] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Feb 28 2019

    Another Vijay Mallya ...

    DisAgree Agree [2] Reply Report Abuse

  • Paul, mangalore

    Thu, Feb 28 2019

    Good decession.
    He needs to retire .\
    Its will be good if Tata's take over

    DisAgree [2] Agree [12] Reply Report Abuse


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Title: Jet Airways founder Naresh Goyal steps down as chairman of Airline's Board



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