Jet Airways promoter Naresh Goyal is learned to have approached Abu Dhabi-based NRI billionaire MA Yusuffali for investing in his struggling-to-survive airline. Goyal is also in talks with Abu Dhabi’s Etihad to get the latter to raise its stake in Jet from 24% to anywhere up to 49%.
Jet’s founder needs a partner to meet the norms that a domestic carrier’s substantial ownership and effective control (SOEC) must remain with Indian entities. Yussuffali, the richest Indian billionaire in the Arab world, also known for his proximity to the Abu Dhabi royals, may board Jet Airways only in tandem with Etihad.
“This would be a deal between Etihad and Yusuffali to take charge of the Indian carrier. It must be seen in the context of Etihad’s deal with Goyal,” said a person familiar with the matter.
Etihad has had frosty ties with Goyal after investing $380 million in Jet Airways five years ago. Read more