Debt-laden Jet Airways accepts Etihad bailout plan, may sign MoU soon

The final agreement is expected to push up Etihad Airways' stake to around 40 per cent from the current 24 per cent

Naresh Goyal-controlled Jet Airways has agreed with most of the conditions set by its partner Etihad for offering a lifeline to the debt-laden domestic carrier. According to sources, the airlines are set to sign a memorandum of understanding (MoU) within days.

According to the proposed deal, Founder Chairman Goyal will step down from the board of directors and relinquish his decision-making powers. His stake in the company would come down to around 22 per cent from 51 per cent now. Goyal’s son Nivaan Goyal will get a board seat.

The final agreement is expected to push up Etihad’s stake to