Jet Airways seeks fund from NRI tycoon Yusuff Ali to stay afloat

Agencies
December 8, 2018

New Delhi, Dec 8: Jet Airways founder Naresh Goyal is reportedly in discussion with UAE-based NRI businessman M A Yusuff Ali, the owner of Lulu Group, for investment in his cash-strapped carrier. Naresh Goyal is also asking Abu Dhabi’s Etihad to increase its stake in Jet from 24 per cent to anywhere up to 49 per cent.

The publication mentioned that Yusuff Ali, who is close to the Abu Dhabi royals, may board Jet Airways only along with Etihad. “This will be a deal between Etihad and Yusuff Ali to take charge of the Indian carrier. It must be seen in the context of Etihad’s deal with Goyal,” a person familiar with the matter said. It may be noted that Yusuff Ali played a significant role in bringing the deal to a close between the two airlines five years ago. 

Etihad does not want the beleaguered Indian carrier to formally shut down its operations, especially after the Tatas — which had earlier showed interest in buying a controlling stake in the ailing airline, slowed down talks.

The publication quoted Yusuff Ali as saying, “I have no interest in buying an airline. My focus will be on my core areas of retailing and hospitality, where I will continue to invest.”

Naresh Goyal held talks with Yusuff Ali 10 days ago and discussed his buying a strategic stake in the carrier. However, Yusuff Ali was apprehensive about investing in an industry that loses so much money, the daily reported citing an unidentified person privy to this development. 

Last month, Jet Airways posted a consolidated net loss of Rs 1,261 crore for the September quarter. The debt-laden company urgently needs funds to infuse confidence among its lenders, employees and customers, say analysts.

Comments

syed
 - 
Sunday, 9 Dec 2018

very simple.....take a quick loan in the name of recover debt and flee like malya, nirav,choksi.....

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April 11,2024

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Bengaluru: With six children of Karnataka Ministers in the Lok Sabha poll arena, the campaign scene is getting spiced up in the high-stakes elections for the ruling Congress in the state. Prabha Mallikarjun, wife of Minister S S Mallikarjun, is also in the poll fray.

The grand old party tried its best to make several ministers enter the Lok Sabha election fray but none of them agreed and, instead, they proposed the candidature of their family members.

'Now, deliver' is the stern message of the Congress leadership to the ministers, putting the onus on them to ensure the victory of their kin, according to party sources.

The Congress secured only one seat in Karnataka in the 2019 general elections, and has now set an ambitious target of winning in 15 to 20 constituencies in the coming polls.

Elections in 28 constituencies in the State will be held in two phases on April 26 and May 7.

Sons of Laxmi Hebbalkar, Eshwar Khandre and H C Mahadevappa— Mrinal Ravindra Hebbalkar, Sagar Khandre and Sunil Bose— have been fielded from Belagavi (Belgaum), Bidar and Chamarajanagar, respectively.

Daughters of Satish Jarkiholi, Shivanand Patil and Ramalinga Reddy— Priyanka Jarkiholi, Samyukta Patil and Sowmya Reddy— are in contention in Chikkodi, Bagalkot and Bangalore South respectively.

Prabha Mallikarjun, wife of Minister S S Mallikarjun and daughter-in-law of veteran party leader Shamanur Shivashankarappa, is the party's nominee from Davangere.

"In this 'do or die' situation, the ministers have found the Lok Sabha election a launch pad for their children and relatives. We have to see how these ministers succeed in their mission," a Congress insider said.

Barring Sowmya Reddy, who is a former MLA, none of them have any legislative experience in elections. Stakes are high for some other ministers as well.

The party has fielded Radhakrishna Doddamani, son-in-law of Congress President M Mallikarjun Kharge in the family's home turf of Kalaburagi (Gulbarga), a seat held by the BJP.

Kharge's son and Minister Priyank Kharge has taken charge of spearheading the campaign in this segment, where his father had lost in the 2019 general elections.

"Priyank has taken this election as a prestige issue given the fact that the Congress president hails from here and had represented this constituency in the past in the Lok Sabha," a Congress leader said.

Prime Minister Narendra Modi had last month launched the BJP's formal campaign in Kalaburagi in what was seen as an aggressive message to the Congress.

Karnataka Deputy Chief Minister and State Congress chief D K Shivakumar's brother D K Suresh is seeking reelection in Bangalore Rural, where the BJP and JD(S) have fielded noted cardiologist and son-in-law of former Prime Minister H D Deve Gowda.

The Congress which came to power in the state in May last year is seeking to ride on its five guarantee schemes of the government.

Sowmya Reddy, who is contesting from Bangalore South asked the women voters during a recent roadshow - "Do you travel in the buses? Which places have you visited in the recent past? Do you pay or travel for free?".

She was referring to 'Shakti' guarantee that offers free rides to Karnataka women in non-luxury government buses within the state. Reddy explained to the people about the four other guarantees— 'Gruha Lakshmi', 'Gruha Jyoti', 'Yuva Nidhi' and 'Anna Bhagya'.

"Who brought 'Achchhe Din'? Is it Congress or the BJP? Which 'Achchhe Din' you will vote for?" Reddy asked the women voters.

In Belagavi, Mrinal Ravindra Hebbalkar, is taking on BJP candidate and former Chief Minister Jagadish Shettar.

In campaign meetings, Minister Laxmi Hebbalkar reminded the crowd how Shettar had joined Congress when the BJP denied him a ticket in the 2023 Assembly election, only to return to the saffron party a few months later.

"Shettar is from Hubballi and we are from Belagavi. We know the problems prevailing here better than any 'outsider'. Today, BJP people are saying that they vote for Shettar keeping Prime Minister Narendra Modi in mind, but I want to know why he joined Congress and abused the BJP, Modi and former Chief Minister B S Yediyurappa," the minister asked.

The BJP swept the 2019 general elections in Karnataka winning 25 out of the 28 seats, while an independent backed by the party also won. The Congress and JD(S) which fought the elections together, secured one seat each.

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News Network
April 9,2024

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Mangaluru/ Bengaluru, Apr 2: Karnataka’s coastal belt some of the neighbouring areas will celebrate Eid-ul-Fitr on April 10, while rest of the state will witness the festival on April 11 due confusion over moon sighting. 

Muslim religious heads in twin coastal districts of Dakshina Kannada and Udupi on the night of April 9 declared the end of Ramadan and beginning of Shawwal following reports of sighting of crescent moon. 

With this Eid will be celebrated on April 10 in the above region. Similarly, Muslims in Bhatkal and neighbouring state of Kerala too will celebrate the festival on April 10. 

However, Muslims in other parts of Karnataka will continue to fast on April 10 and celebrate the Eid on the following day due to non-sighting of moon in their region. 

The Karnataka Moon Sighting Committee chairman Moulana Maqsood Imran formally announced that the Eid-ul-Fitr in Bengaluru and areas of Karnataka will be celebrated on Thursday April 11. 

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News Network
April 11,2024

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BJP MLA Arabail Shivaram Hebbar’s son Vivek Hebbar on Thursday, 11 April, joined the Congress party along with his supporters at Banavasi in Uttara Kannada district.

After quitting the BJP, Vivek Hebbar joined the party in the presence of state Congress vice president and former MLC Ivan D’Souza and other local party leaders.

Speculations have been rife about his father Shivaram Hebbar, an MLA from the Yellapur Assembly segment, also planning to join the Congress, ever since he did not turn up for voting during the polls to four seats of the Rajya Sabha from Karnataka held on 27 February.

The senior Hebbar’s absence from voting, despite a party whip, had caused embarrassment to the BJP. He had, however, later attributed his absence to poor health.

The BJP had also issued notice to him, which he responded to.

Shivaram Hebbar had recently met Deputy Chief Minister and state Congress chief DK Shivakumar but claimed that the meeting was about water issues in his Assembly segment.

The senior BJP leader was earlier with the Congress. He was among 17 Congress-JD(S) legislators, who had quit from their parties, which ultimately led to the collapse of the then HD Kumaraswamy-led coalition government in July 2019.

Shivaram Hebbar had subsequently won the by-poll on a BJP ticket and served as a minister in the then government of the saffron party.

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