Tata Sons Mulls Acquiring Stake In Jet Airways
Tata Sons Ltd., the parent of Tata Group, is mulling acquiring stake in crisis-hit Jet Airways (India) Ltd., according to sources.
Tata Sons’ plans to buy stake in the airline are at a very early stage, the sources said. Naresh Goyal-led Jet Airways, in which Gulf carrier Etihad holds 24 percent stake, is grappling with financial woes and has even delayed payment of salaries to staff.
When asked about reports that Tata Sons is in discussions with Jet Airways for purchasing stake, an airline spokesperson said the information is “totally speculative”. A query sent to a Tata Sons spokesperson remained unanswered.
The diversified Tata Group already owns majority stakes in two airline joint ventures—Vistara and AirAsia India.
Tatas have 51 percent stake each in full-service airline Vistara, a joint venture with Singapore Airlines, and budget carrier AirAsia India, where 49 percent is with Malaysia's AirAsia Berhad.
The proposal for snapping up stake in Jet Airways also comes at a time when Vistara is looking to fly overseas.