Debt-ravaged Jet Airways India Ltd, the country’s biggest so-called full-service airline, is selling a majority stake for 1 rupee. It’s part of a bailout plan by its state-owned lenders that will give the airline time to arrange fresh equity. The complicated arrangement is on track to be voted through on February 21, in what would represent the rescue of one of the country’s most visible companies at a sensitive time, with India’s general election just weeks away.
What is Jet Airways?
It’s consistently been one of India’s top three airlines in the past decade. Jet Airways was founded by ticketing agent-turned-entrepreneur Naresh Goyal after India ended a state monopoly on aviation in the early 1990s.