Jet Airways (JAI, Mumbai International) has confirmed that it is holding talks with Etihad Airways (EY, Abu Dhabi International) about an investment of up to 24% in the Indian carrier. According to Indian government sources, Etihad would have offered approximately $330 million USD for the stake. This is the first official statement from Jet or Etihad since rumours about talks had initially emerged back in November 2012.
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Jet Airways confirms Etihad investment talks
About Jet Airways
| Type | Scheduled Carrier |
|---|---|
| Base | Mumbai International |
| Aircraft | 5 |
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Also on ch-aviation
Creditors demand JKC to produce AOC for India's Jet Airways
27.11.2023 - 03:08 UTCCreditors continue to thwart the relaunch plans of Jet Airways (JAI, Mumbai International), now demanding that the consortium attempting to finalise its acquisition of the airline produce an air operator's certificate (AOC).
Appearing before India's National Company Law Appellate Tribunal (NCLAT) on November 22, counsel for the committee of creditors (CoC) requested the Jalan Kalrock Consortium (JKC) to present an AOC at the next hearing.
Jet Airways' AOC expired in May 2023. The Directorate General of Civil Aviation (DGCA) later issued an interim AOC valid for one month to help it solve some corporate resolution issues. However, the interim AOC expired in early September.
Counsel for the CoC accused the consortium of taking them and the court "for a ride" and producing an AOC would help prove that JKC is serious about relaunching Jet Airways. The committee has proved to be a thorn in the side of the consortium. Initially supporting the acquisition of the airline and a financial settlement package after Jet Airways ceased operations in 2019, relations between the two parties...
No bail for founder of India's Jet Airways
14.11.2023 - 03:18 UTCThe founder of Jet Airways (JAI, Mumbai International) has lost a bid to be released from custody ahead of his trial concerning fraud and breach of trust offences while he was running the airline. On November 7, 2023, the Mumbai High Court dismissed Naresh Goyal's challenge to his "illegal arrest" on September 1.
As reported by the India Express, Goyal asked the court to release him from "abjectly unlawful and arbitrary custody and incarceration." Unfortunately for him, Justices Revati Mohite-Dere and Gauri Gods declined to do so. "We are of the view that the petition seeking a writ of habeas corpus, in the facts, cannot be entertained, and as such, dismiss the petition," the judge's decision read.
Goyal was arrested in September by officers from India's financial crime agency, the Enforcement Directorate (ED), in relation to alleged offences concerning a INR5.386 billion rupee (USD64.7 million) loan provided by the Canara Bank to Jet Airways. Goyal's counsel argued that the arrest and remand processes did not follow due process.
During last week's hearing, the ED's...
Police seize properties linked to Jet Airways' founder
07.11.2023 - 05:40 UTCIndia's financial crime agency, the Enforcement Directorate (ED), has accused the founder of Jet Airways (JAI, Mumbai International) of "massive financial fraud" while he was in control of the quasi-defunct airline. On November 1, 2023, the ED seized 17 residential and commercial properties in India and elsewhere worth INR5.38 billion (USD64.7 million) belonging to entities and individuals associated with Naresh Goyal.
In September, the ED arrested Goyal following a complaint by the state-owned Canara Bank earlier this year which accused Goyal of cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct. The ED also alleges Jet Airways (India) Limited siphoned off loans from a consortium of banks led by the State Bank of India and Punjab National Bank. "Naresh Goyal implemented a massive financial fraud in which the funds of Jet Airways Limited were systematically diverted," an ED statement reads. "The funds received were again used by Naresh Goyal and his family for their personal expenses and investments."
The seized properties are held in the names of various companies and persons, including Jetair Private...
India's NCLT orders sale of five Jet Airways' B777s
26.10.2023 - 00:47 UTC
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