While media reports suggested that Tata-Singapore Airlines is looking at an all-stock merger of Jet, Tatas, in a statement said, discussions to take over Jet Airways have been preliminary and no proposal has been made
Kingfisher chief Vijay Mallya walked into the corporate head office of Jet at S M Centre in Andheri to discuss the issues of common interest with Naresh Goyal, as both the airlines are losing an estimated up to Rs 20 crore a day.
The Bombay high court has asked Mumbai Police Commissioner to file a report on the alleged underworld links of Jet Airways chairman Naresh Goyal.
Etihad has high hopes from Jet Airways deal in which it bought out majority stake in 2013.
"The markets do not remain the same forever but still, anything that makes sense to Jet Airways' shareholders will make sense for the promoters as well," Goyal said. Together with JetLite, formerly Air Sahara, which Jet bought last year, the airline controls over 29 per cent of the Indian domestic market.
On the high costs facing the Indian airline industry, Goyal said the factors included a depreciating rupee against the dollar, escalating jet fuel prices, high taxes and rising infrastructure costs.
Fresh troubles are brewing for Jet-Etihad deal.
The unions opposed any move to force banks to lend more money to the airline, saying Naresh Goyal is still the promoter and major shareholder with 51 per cent stake and it is his headache to run the company or sell it to someone.
Unruly scenes were witnessed in the Rajya Sabha on Wednesday after the opposition members raised the issue of alleged phone tapping of senior Bharatiya Janata Party leader Arun Jaitley, leading to a brief adjournment of the House.
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.
The stake-purchase agreement with Jet, second largest domestic passenger market share, will make Etihad the first foreign carrier to buy into an Indian airline.
Jet's flights to Abu Dhabi could be used to carry passengers from India headed for the US and Europe.
Etihad is in talks to pick up a 24 percent stake in Jet.
Jet Airways chairman Naresh Goyal on Thursday vehemently denied any link with the underworld saying all agencies have cleared his airline in this connection and that is why the carrier has been allowed to fly to the US.
The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year.
Dietician to the stars and author Charmaine D'Souza talks about what it takes to stay in shape and more.
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Experts say Roy has got a great price for Air Sahara, which was steadily losing market share. The company was also burning a lot of cash to keep the airline afloat.
Amid speculation about Air Sahara selling its equity to raise funds for its expansion plans, liquor baron and owner of Kingfisher Airline Vijay Mallya
The two parties have been in talks for a month and a half.
The top executives who have put in their papers with immediate effect include Jet's chief executive officer (CEO) Vinay Dube, chief finance officer (CFO) and deputy CEO Amit Agarwal and company secretary Kuldeep Sharma.
The company's chief operating officer Capt Hameed Ali will be the acting CEO.
Airline to increase full-service flights as Kingfisher curtails operations.
Will be the first choice if Naresh Goyal decides to sell stake in future.
Abu Dhabi has asked for an increase in seat capacity post Jet-Etihad deal. If Indian government agrees, more fliers will use Etihad than Air India. This will spell disaster for the country's national carrier.
Jet Airways, which is in the process of finalising a stake sale deal with Etihad Airways, plans to extend its code share agreement with the Abu Dhabi-based carrier to the Mumbai-Brussels-Newark route, sources said.
Sources close to the deal say, besides a higher stake (earlier, the negotiations were on for sale of up to 24 per cent), Etihad has asked for its representation on the board of the Indian airline, in sync with its shareholding.
The actor released his autobiography, Romance With Life in New York on Saturday.
Shares of Jet Airways surged 16 per cent to close at Rs 505.7 on Friday on speculation that Etihad Airways might buy 24 per cent in the company.
The company will retire part of the debt by way of sale and lease back of some its aircraft.
However, Mallya ranks well above Naresh Goyal of Jet Airways, who has been ranked by Forbes at 94th position with a fortune of $600 million.
A mix of financial and strategic mistakes combined with poor expectations of the management are the reasons for the downfall of Indian airlines. For Jet, the deathly potion was even more toxic on account of the bitter squabbles between promoter Naresh Goyal and strategic partner Etihad Airways.
New Delhi, 7 August A strike call and its withdrawal proved an embarrassment for a former senior aviation bureaucrat.
Jet Airways said on Tuesday its aggressive overseas and domestic expansion plans are not linked with the $400-million qualified institutional placement issue that provides cushion for buying more aircraft.
The no-frills brand is poised for a big leap by debuting in some international routes as well.
The employees gathered at terminal-1B and chanted slogans against the airlines' chief Naresh Goyal and Vijay Mallya, the chairman of Kingfisher Airlines. They also vented their ire against the government for not taking any action against the Jet Airways for sacking nearly 1,900 of its employees, mostly probationers and trainees.
Barely a fortnight after it launched international operations and integrated low-cost carrier Simplify Deccan with it, Vijay Mallya-promoted Kingfisher Airlines plans to lay off at least 300 employees, official orders for which are to be conveyed on Monday.
More than a year after joining hands with Kingfisher Airlines, Jet Airways is still in talks with the Vijay Mallya-led carrier for code sharing and other initiatives to achieve operational synergies and reduce costs.
FIIs' stake in Naresh Goyal-owned Jet Airways stood at 7.10 per cent during the three months through September, compared to 6.38 per cent during the first quarter of this financial year.
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