Naresh Goyal to infuse 700 crores in Jet Airways

Jetairways airline's chairman Naresh Goyal in a letter to SBI chairman Rajnish Kumar told that he was ready to invest up to Rs 700 crore in the ailing airlines. However, he had put forth condition on doing so. The condition is that after investing his stake must not fall below 25%. At current Naresh Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

His letter also mentioned that if it goes below 25% then he would not be able to infuse any funds or pledge his shares unless Sebi accords hin an exemption permitting him to increase his reduced stake (if it is to be below 25%) without triggering the Takeover Code,”.

This proposal sent by goyal comes after an offer by Etihad Airways who offered to invest in the debt-laden carrier at a discount. However, they had some strict conditions including that Goyal should give up control, for infusing funds into the crisis-hit carrier.