Etihad, Naresh Goyal, Hindujas, AdiGro: Mega alliance to save Jet Airways

May 22 2019 11:22 AM
Etihad, Naresh Goyal, Hindujas, AdiGro: Mega alliance to save Jet Airways

A consortium of sorts has been formed that could still revive Jet Airways from the brink of a shutdown. Etihad Airways, the Hinduja Group and the London-based AdiGro Group may come together to rescue debt-laden Jet Airways. 

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According to the sources, Etihad Airways, along with the Hinduja Group, has joined hands with AdiGro Aviation and Jet Airways founder Naresh Goyal to revive the Indian airline, which suspended operations on April 17. Sources close to Naresh Goyal and the Hindujas said they share cordial ties that go back more than two decades. They said the Hindujas expect the banks to take a sizeable haircut—initial calculations peg Jet’s dues at Rs 12,000 crore.

Earlier on Tuesday, Hinduja Group confirmed that it is considering investing in Jet Airways,even as reports surfaced that the conglomerate may hold meetings with lenders later this week. "Hinduja Group is evaluating the Jet Airways opportunity," a spokesperson told Moneycontrol. But, he declined to give further details.

At present, when the  Hindujas are seriously considering bidding and being part of the Jet Airways revival process, people in the know said that Naresh Goyal approached the Hindujas for one seat in the board for himself or for a nominee from the Naresh Goyal group. Goyal has also offered to be a part of the bid and infuse Rs 200 crore. 

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