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Jet Airways founder Naresh Goyal agrees to step down as chairman: Source

The source with direct knowledge of the matter further said that Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to provide interim funding of about 7 billion rupees ($99 million) to Jet Airways.

By: Reuters | New Delhi | Updated: February 28, 2019 9:07:12 pm
Jet did not immediately respond to a request for comment.

Jet Airways’ founder Naresh Goyal has agreed to step down as chairman of the airline’s board, a source was quoted as saying by Reuters on Thursday even as the cash-strapped Indian carrier inches closer to securing a rescue deal.

The source with direct knowledge of the matter further said that Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to provide interim funding of about 7 billion rupees ($99 million) to Jet Airways. Jet did not immediately respond to a request for comment.

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months. Lessors have grounded more than a dozen of its planes pending payment of dues.

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