Business

Jet Airways Founder Naresh Goyal Agrees to Step Down as Chairman

The cash-strapped Indian carrier is inching closer to securing a rescue deal.

New Delhi: Jet Airways’s founder Naresh Goyal has agreed to step down as chairman of the airline’s board, a source with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Eithad, which owns a 24% stake in Jet Airways, is however reticent to provide interim funding of about Rs 7 billion ($99 million) to Jet Airways, the source said. Jet did not immediately respond to a request for comment.

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months. Lessors have grounded more than a dozen of its planes pending payment of dues.

Join The Discussion