Business Standard

Jet Airways founder Naresh Goyal agrees to step down as chairman: Report

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots

Naresh Goyal

Naresh Goyal’s son Nivaan to be inducted into the board as Jet founder will have to step down

Reuters New Delhi
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.
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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 28 2019 | 8:54 PM IST

Explore News