Naresh Goyal may soon lose his controlling stake in Jet Airways but is pushing for a deal that would allow him to make a comeback in the future.
According to sources, while Goyal’s stake in the airline will come down to 17 per cent, he wants lenders and joint venture partner Etihad to leave the door open for him to buy back shares. “The draft agreement between all parties has put a cap of 22 per cent on promoter stake. Goyal wants the cap removed so that he can claw his way back once the financial crisis blows over,” said a source close to the development. The draft agreement also has a non-compete clause which means Goyal will not be able to invest in any other airline or start a new venture in the same space for three years.
