Naresh Goyal increases his stake in Jet Airways to 66%
Jet Airways Chairman Naresh Goyal increased his direct stake in the company to around 66 per cent by purchasing more share from another promoter of the private carrier.
Mr. Goyal purchased nearly 37 per cent stake in Jet Airways from the carrier's previously main promoter entity Tail Winds for around Rs 1,670 crore.
Last week, Mr. Goyal had acquired 29 per cent stake from Tail Winds for around Rs 1,434 crore.
The stake transactions are part of the company's plan to make Mr. Goyal its main promoter, with at least 51 per cent stake in his personal capacity.
The company's stake sale deal Abu Dhabi-based Etihad Airways has already been approved by the board of directors as well as shareholders. Following the completion of deal, Jet Airways will have 51 per cent stake with Mr. Goyal and 24 per cent with Etihad, while the remaining 25 per cent stake with the public.
International flights contribute around 60 per cent of Jet Airways' total revenues, and the deal with Etihad is expected to benefit it as it will get access to a combined network of as many as 140 destinations across the world.