Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
Besides expanding the equity base of the premier Indian carrier, a major reason for Goyal to dilute part of his shareholding in Jet from 80 per cent has been the FIPB order to bring it down to regulatory levels.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
The Supreme Court on Friday made it clear that it would quash the Jet-Etihad Airways deal if there are any irregularities in it.
The airline has been defaulting on salaries for some time, making partial payments in some cases or not paying at all, as it continues to lose money mainly in domestic routes where it can't raise fares facing competition from low-cost airlines.
Analysts were expecting a profit of Rs 27.85 crore.
Shares of Jet Airways on Wednesday surged nearly 20 per cent amid reports that some headway has been made in the deal between the Indian carrier and the Abu Dhabi-based carrier Etihad.
Jet Airways Chairman Naresh Goyal will purchase over one per cent stake in the airline from another promoter entity, Tail Winds, for up to Rs 45 crore (Rs 450 million).
A financial turnaround with the Etihad partnership and debt restructuring has not fully materialised.
While Jet founder Naresh Goyal said he was willing to infuse Rs 700 crore and also pledge all his shares in the company provided he can have at least 25 per cent stake, the airline's foreign partner Etihad Airways insists he must not keep more than a 22 per cent stake.
The Foreign Investment Promotion Board (FIPB) on Friday deferred a decision on Rs 2,000-crore (Rs 20 billion) Jet-Etihad deal, the largest foreign investment in the Indian aviation sector, and sought clarity on control and ownership.
An unidentified aircraft caused a security scare in Mumbai airspace on Saturday after it was spotted by an Etihad Airways flight and reported to the air traffic control, official sources said.
The daily service to the two cities will mark the seventh and eighth Indian destinations for the Airways, Akbar Al Baker, Chief Executive of Qatar Airways was quoted as saying by the Gulf News.
Following the market buzz, the stock opened the day on a bullish note and further jumped 6.13 per cent to Rs 590 on the Bombay Stock Exchange.
Shares of Jet Airways on Monday soared by over 18 per cent to touch a one-year high level amid reports of talks between the airline and United Arab Emirates' Etihad Airways for stake sale.
Fifteen of these pilots are expatriates who were hired for flying the Boeing 787 Dreamliners till Air India's crew got trained.
It couldn't be immediately ascertained whether he has partnered with any entity or airline for the bid.
The two companies are hopeful of winning over at least one regulator's go-ahead this week itself for their deal, which happens to be the first FDI by a foreign airline into India.
She is scheduled to reach Dhaka at 4 pm on Monday.
Jet Airways' Acting CEO and Chief Financial Officer Ravishankar Gopalakrishnan has resigned, sources said on Tuesday, the latest in the high-profile exit from the private carrier.
Manmohan Singh clarifies his office's involvement in the deal that's facing criticism from the opposition and the media.
Competition Commission has held on to its observation about Etihad gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24% stake purchase, while rejecting a plea to "rectify" its order that approved the deal earlier this month.
Jet Airways shares fall as much as 13.6 per cent after media reported that the deal with Etihad may be called off.
Five decades ago, 87 plane crashes took away the lives of 1,597 people.
While Etihad has told Securities and Exchange Board of India that it has not violated any securities law by not making an open offer, the capital market regulator is now seeking further clarity on the issue from other agencies including fair trade watchdog CCI, Finance Ministry and Aviation Ministry, sources said.
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While the interest from Hinduja is a positive sign for the grounded airline, executives of banks cautioned that there is no certainty that the deal will fructify. The cost of recapitalising Jet Airways is increasing every day.
How the first FDI in aviation was achieved.
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
Jet's flights to Abu Dhabi could be used to carry passengers from India headed for the US and Europe.
The appointment followed the resignation of Nikos Kardassis on June 7 after he served two terms as CEO between 1993-1999 and again from October 2009 till May 2013.
Likely to rake up the issue of open offer exemption.
Fresh troubles are brewing for Jet-Etihad deal.
Jet Airways has been looking at various ways to raise funds amid acute liquidity crunch that has forced it to ground aircraft, cancel flights in large numbers, shutdown stations and delay salary payments to its pilots and engineers along with other senior staff.
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
The more pernicious of these measures is EC Regulation 1383 that allows customs officials and rights holders to interfere in the legitimate trade of generic medicines.
Airlines in the UAE are expecting a huge rush since nearly a million amnesty seekers, including many Indians, are likely to leave the country before the September two deadline.
Etihad last year picked up 24 per cent stake in Jet Airways
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
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