A consortium of banks, along with the National Investment and Infrastructure Fund (NIIF) and Etihad, will invest about Rs 3,400 crore in Jet Airways , leading to a much-reduced holding for founder Naresh Goyal, a change in management control and lenders with the biggest stake.
Following the infusion, which will be in phases, the consortium of banks, led by State Bank of India , will own 32% of the airline and Abu Dhabi-owned Etihad and the NIIF will hold about 24.9% and and 19.5%, respectively, said a person with knowledge of the matter.
Goyal’s stake will drop to 20% from 51%, stripping him of board membership and management control, the person said. He will, however, retain his status as promoter.EThad reported on Friday that Goyal’s stake was likely to drop to this level. Read More