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Crisis-ridden Jet Airways on Tuesday was forced to ground three of its Boeing 737 planes due to non-payment of lease rentals, leading to cancellation of around 20 domestic flights, according to sources.
Investors are usually excited at the prospect of an acquisition, more so when a foreign-owned company is a suitor. While the mandatory open offer holds out the promise of a windfall, there is a bump-up in valuations when an MNC tag is attached. In distress cases such as Jet Airways, existential worries also come to an end.
Jet Airways chairman Naresh Goyal is ready to invest up to Rs 700 crore in Jet Airways on the condition that his stake does not fall below 25%. Goyal’s offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.
The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on the country's airlines in 2018. Failed to pay Debt payment to bank
Jet Airways Ltd's 69-year-old founder Naresh Goyal, pursuit for control has emerged as a major obstacle as the indebted airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years told media on condition of anonymity.
Private airline Jet Airways has come out with a discount offer (Year-end sale) under which flyers can get up to 30 percent discount on both domestic and international travel across its network.
Jet Airways has resorted to lay off its employees.
Jet Airways it has resolved to transfer Jet Airways ops to Etihad Airways.
The departure comes as the airline struggles to keep itself afloat, with rising debt levels and higher oil prices weighing on profits.