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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News Network
April 28,2024

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Bengaluru: JD(S) leader H D Kumaraswamy on Sunday said he would like to wait for the facts to come out of the investigation into an alleged sex scandal involving his nephew and Hassan MP Prajwal Revanna, but asserted that there is no question of forgiving anyone who has committed a crime as per law.

The former chief minister said he has nothing to do with Prajwal Revanna reportedly leaving the country, and it is the responsibility of the Special Investigation Team (SIT) to get him back if required.

The 33-year-old Prajwal Revanna is the son of former prime minister and JD(S) patriarch H D Deve Gowda's elder son H D Revanna, who is an MLA and former minister.

Some explicit video clips allegedly involving Prajwal Revanna had started making the rounds in Hassan in recent days.

Prajwal Revanna is the BJP-JD(S) alliance's candidate from Hassan, which went to polls on Friday.

Kumaraswamy said, "I have noticed that the chief minister has ordered an SIT probe. Whether it is me or Deve Gowda (his father), we have always conducted ourselves respectfully towards women and have responded positively when anyone came with any sufferings. We have tried to address them."

Speaking to reporters here, he said, "The Hassan related issue that started during elections, let the facts come out through a probe. Whoever it is, who has committed the mistake as per the law of the land...there is no question of forgiving anyone who has committed the mistake. So let the facts come out from the probe, after that I will react."

To a question on Prajwal Revanna going to a foreign country, Kumaraswamy said, "It is not related to me. SIT probe has been ordered, officials have been put to work. If he has gone to a foreign country, getting him back is their responsibility. What should I say, if I'm asked. They (SIT) will get him, don't worry."

Chief Minister Siddaramaiah announced the decision to constitute a SIT to probe the alleged sex scandal involving the MP.

Meanwhile, the police have information that Prajwal has left the country, according to a statement issued by the Chief Minister’s office.

"Prajwal Revanna’s explicit video clips are being circulated in Hassan and it appears prime facie that women were sexually assaulted,' the statement said, adding that the government decided to form an SIT based on a petition by the chief of the Karnataka State Commission for Women.

The Commission's chairperson Dr Nagalakshmi Chaudhary on Thursday wrote to Siddaramaiah and state police chief Alok Mohan, seeking a probe into the videos that are in circulation in Hassan.

Prajwal has through his election agent lodged a complaint with the authorities that the videos are "doctored" and being circulated to tarnish his image ahead of elections.

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News Network
April 29,2024

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Mysuru, Apr 29: Veteran politician and incumbent Chamarajanagar MP V Srinivas Prasad breathed his last at 76.The stalwart BJP leader, who had been battling health issues, succumbed to a severe heart attack, leaving behind a void in Karnataka's political arena.

A Dalit leader in the Old Mysuru region, Prasad was in Congress but joined the Bharatiya Janata Party before the 2018 Karnataka Assembly elections following a fallout with Chief Minister Siddaramaiah. The two had recently met in Mysuru and discussed the political scenario in the state.

Prasad extended support to the Congress in the Lok Sabha election 2024 and this is being seen as a crucial factor in the SC-reserved Chamarajanagar constituency, which Prasad represented in Parliament. On April 2, Prasad’s relatives and supporters joined Congress.

He served as a Union minister from 1999 to 2004 as the Loka Jana Shakthi MP. In the Karnataka Assembly elections, he was elected twice as an MLA and served as the state’s revenue minister.

Prasad, known for his distinguished political career spanning over five decades, was admitted to Manipal Hospital in Bengaluru due to urinary tract-related complications and age-related ailments.

However, his condition deteriorated rapidly, leading to his untimely demise in the wee hours of Monday.

Born on August 6, 1947, in Ashokapuram, Mysuru, Prasad's political journey was marked by significant milestones. He represented Chamarajanagar constituency as MP for an unprecedented seven terms and had derved as MLA from Nanjangud constituency twice.

He had held key ministerial portfolios including Minister for Food and Civil Supplies in the Atal Bihari Vajpayee government and Minister for Revenue and Muzrai in the Siddaramaiah-led Karnataka government.

He had joined the BJP officially in December 2016 and was elected as MP from Chamarajanagar again in 2019, showcasing his enduring popularity among constituents.

Prasad's demise has plunged the political fraternity and his supporters into mourning. His family members, political associates, and well-wishers are gathering to pay their final respects as his mortal remains are being transported from Manipal Hospital to his residence in Jayalakshmipuram, Mysuru.

The Exhibition Grounds in Mysuru will witness a stream of mourners as Prasad's mortal remains will be kept for public viewing, allowing people from all walks of life to bid farewell to their beloved leader.

Prasad's name had come up in the 'Tehelka tapes' controversy, after the sting operation by magazine Tehelka to expose defence deals under the Atal Bihari Vajpayee-led NDA government. The tapes showed Samata Party leader Jaya Jaitley allegedly telling an arms dealer to deposit money with Prasad, who was then in Bengaluru. However, Prasad denied these claims, saying he was in Mysuru at the time, and also sued Tehelka for defamation.

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News Network
May 2,2024

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Hassan, May 2: JD(S) MLC Suraj Revanna on Thursday said that the scandal and charges of sexual abuse levelled against his brother and Hassan MP Prajwal Revanna was a "conspiracy to weaken their family politically".

He claimed that he has no information about the whereabouts of Prajwal Revanna, who has been served a notice by the Special Investigation Team over the alleged sex scandal involving him.

He termed the scandal and charges of sexual abuse against his brother and his father and MLA H D Revanna, a former Minister, as a conspiracy to weaken them politically, and expressed confidence about Prajwal's win in the Lok Sabha polls.

H D Revanna is the son of JD(S) patriarch and former PM H D Deve Gowda. Prajwal, grandson of Deve Gowda, was the BJP-JD(S) alliance's candidate from Hassan Lok Sabha segment, which went to the polls on April 26.

"The (sex scandal involving Prajwal Revanna) case has been handed over for investigation (to SIT), whatever has to be proved will get proved there. How can I react to it? I don't have information about Prajwal Revanna," Suraj Revanna told reporters here.

On an FIR being registered against his father H D Revanna too, he said, "Let them put a thousand more (FIRs), what has to be proved will ultimately get proved. People of our taluk and district know what Revanna is. I don't want to react."

"Anyone can do anything out of political malice. If you take Hassan politics, there is no competitor for Revanna. There is no one who has done politics like him. To weaken him, all these conspiracies are being hatched," he added.

Scores of explicit video clips allegedly involving Prajwal Revanna had started making the rounds in Hassan recently. The state government has constituted an SIT to probe the alleged sex scandal involving the MP.

The SIT on Tuesday issued notice to Prajwal Revanna and his father Revanna, who have been booked for alleged sexual harassment at the Holenarsipura police station in Hassan district on April 28, based on a complaint by a woman who worked in their house, directing them to appear for investigation.

Prajwal who reportedly left for Germany on April 27, the very next day of the polls, on Wednesday sought seven days' time to appear before the SIT.

Regarding reports of his meeting with Deputy Chief Minister D K Shivakumar, Suraj said they were mere speculations and that he had met the former in January, and after that no such meeting had taken place.

Asked whether JD(S) leaders and workers seem to be in some sort of confusion following the developments around the alleged sex scandal, the MLC said there is no confusion. "Even yesterday there were meetings held to take stock of the situation after the polls. Hundred percent Prajwal Revanna will win."

"Let anyone charge anything, let's wait and see what comes out of the SIT probe," he added.

Victims under pressure?

Meanwhile, victims in the videos of the alleged sex scandal involving the MP, are reportedly refusing to come before the SIT which is probing the case.

Some of the victims are said to have told the SIT officials that they don't want to talk to them about the case, while a few are not reachable, sources said.

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