Jet Airways (JAI, Mumbai International) Chairman, founder, and majority owner Naresh Goyal has pledged a INR7 billion rupee (USD98.4 million) investment in the debt-ridden carrier but only if he retains at least a 25% stake in the airline, the Times of India has reported.

"Should this not be possible, then I would not be able to infuse any funds or pledge my shares," Goyal wrote in a letter to the Chairman of the State Bank of India (SBI) which leads the consortium of the airline's creditors.

Jet Airways' promoter further said that he would also consider investing funds if the Securities and Exchange Board of India (SEBI) would exempt him from the Takeover Code after a potential future share increase. Under Indian law, if a shareholder boosts his stake by more than 25% of the company's registered share capital at once, they are then obliged to place an open offer for all remaining shares and are required to buy them, if minority shareholders are willing to sell.

Goyal currently owns 51% of Jet Airways.

The offer comes shortly after Etihad Airways (EY, Abu Dhabi International), which currently owns 24% of the embattled airline, declared its readiness to rescue it and increase its stake to 49% under the condition that Goyal and all his relatives are ousted from executive functions. Etihad is also seeking a 45% discount on the share price compared to the current valuation at the Bombay Stock Exchange (BSE).

The airline defaulted on its debts on December 31, 2018, and has 180 days to come up with a comprehensive restructuring plan. LiveMint has reported that Jet Airways needed USD250-300 million immediately and another USD450-500 million by 2020 just to meet its most pressing liabilities.