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Naresh Goyal in talks with Hindujas to rescue Jet Airways, offers to pay Rs 200 crore in bidding process

New Delhi: Etihad Airways, the Hinduja Group and the London-based AdiGro Group may come together to rescue debt-laden Jet Airways. ET Now’s Nayantara Rai learnt from sources that Jet founder Naresh Goyal has sent feelers to the Etihad-Hindujas-AdiGro for joining the consortium as a fourth member. Sources further revealed that Naresh Goyal has offered to pump in Rs 200 crore into the crisis-hit carrier to join the consortium. The Hinduja Group, Etihad Airways and AdiGro are likely to invite Goyal for discussion in Abu Dhabi.

It may be noted that the Hinduja Group is looking to revive the ailing airline. Naresh Goyal is also taking his chances to have a board seat in the new management if the resolutions process it to go through. Sources told ET Now that Goyal is in talks with the Hinduja Group to be a part of the bidding process.

At present, when the  Hindujas are seriously considering bidding and being part of the Jet Airways revival process, people in the know told ET Now that Naresh Goyal approached the Hindujas for one seat in the board for himself or for a nominee from the Naresh Goyal group. Goyal has also offered to be a part of the bid and infuse Rs 200 crore. 

This is yet only a proposal from Naresh Goyal. The Hindujas have not yet taken a call on the matter. There could be two problems with the Hindujas accepting this proposal, first, ‘Will Etihad accept this proposal?” Looking at the earlier resolution plan, Etihad was okay with one board seat to Naresh Goyal with his stake being around 10% or less. 

The second problem could be the fact that the Hindujas are looking for a massive haircut from the lender and in that case, if Naresh Goyal is part of the bid, it might be a possibility that the lender might not go ahead with the haircut. 

Worth mentioning here is that Abu Dhabi-based Etihad Airways, which holds 24 per cent stake in Jet Airways, is currently the only solicited bidder for a stake in the airline. But, experts have found its bid unattractive for the lenders given the fact that multiple riders are attached to it.

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