Mumbai: Etihad Airways PJSC and the Naresh Goyal-led promoter group of Jet Airways (India) Ltd are nearing an agreement that will see a total fund infusion of at least ₹4,200 crore, including an unidentified white knight investing in the cash-strapped airline and Goyal and his wife giving up executive powers and board duties.
The draft agreement envisages a “new investor” injecting between ₹1,600 crore and ₹1,900 crore for a stake of around 20% in the airline and the Goyal group’s stake in Jet Airways falling to 17.1%, with a caveat that seeks to cap it at 22%. The consortium of lenders—led by the State Bank of India that has converted its dues into equity—will pump in an additional ₹1,000 crore to take its eventual equity holding to 29.5%. Etihad will also infuse between ₹1,600 crore and ₹1,900 crore to raise its shareholding to 24.9%.
