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Business

Jet Airways founder Goyal to quit as a leader




Jet Airways Ltd, chairman Naresh Goyal and wife Anita Goyal, are expected to leave the board of directors of the cash-driven airline on Monday. ET Now the TV channel reported

Daily manager Vinay Dube is expected to be aboard the 25-year-old airline Goyal set up with his wife in 1993, according to the report.

Earlier this month, Reuters reported that Goyal had agreed to go down as a leader and reduce its 51 percent in the airline.

The Report also said that Jets lenders can summon Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks.

Saddled with over $ 1[ads1] billion of debt, Jet struggles to stay afloat. It has delayed payments to banks, suppliers, pilots and landlords – some of whom have forced the airline to lose as many as 40 aircraft.

Jet has survived a near death experience once before; In 2013, Etihad Airways in Abu Dhabi injected $ 600 million of capital for a 24 percent stake in the airline, three London Heathrow slots and a majority stake in the Jets frequent flyer program. The infusion helped Jet down debt and fought increasing domestic competition.

Etihad's efforts are likely to be diluted in the near future, the television channel reported.

Jet Airways was not immediately available for comment when contacted by Reuters. 19659009]



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