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
May 4,2024

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Mangaluru, May 4: A tragic incident unfurled last evening in Subrahmanya of Kadaba taluk in Dakshina Kananda, where a young gentleman, who had recently entered the bonds of matrimony a mere ten days hence, met his untimely demise due to a lightning strike.

As twilight descended, a tempestuous thunderstorm, accompanied by billowing rain clouds, cast its shadow over the locale.

Somasundar was diligently engaged in the task of piling up dried nuts in the yard to shield them from the impending deluge, when fate cruelly intervened, subjecting him to the fatal force of a lightning bolt.

Despite the expeditious efforts to convey him to Kadaba Community Hospital subsequent to his sudden indisposition, he tragically succumbed to his injuries. 

Somasundar, who operated a car washing enterprise in proximity to Subrahmanya, is mourned by his mother, sister, and wife.

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News Network
May 4,2024

Mangaluru, May 4: The Mangaluru International Airport was besieged with a harrowing message of terror recently, when an email, purportedly from malevolent elements, menacingly declared the planting of bombs within the airport premises. 

Addressed to the office of the airport authority, the missive, steeped in ominous overtones, bore the ominous signature of a terrorist faction, ominously named 'Terrorizers 111'.

The communication, disseminated in English, ominously detailed the clandestine emplacement of explosives in areas eluding facile detection, accompanied by a chilling warning of their imminent detonation. The threat, ominously looming over not only the infrastructure but also the airborne vessels, portended a catastrophic deluge of bloodshed and loss.

In response to this dire communiqué, airport authorities swiftly engaged the apparatus of law enforcement, dispatching urgent alerts to the vigilant guardians of public safety. Acting upon the dictates of higher echelons, a formal dossier of this menacing correspondence was meticulously compiled, cloaked in the veil of confidentiality to thwart any premature dissemination.

Mangaluru International Airport found itself in grim camaraderie with more than 30 counterparts under the aegis of the Airport Authority of India (AAI) and private domains, all recipients of this chilling electronic diatribe. A comprehensive net of precautionary measures was swiftly cast, fortifying the bastions of security in anticipation of any nefarious designs lurking within the shadows.

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News Network
May 12,2024

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Mangaluru: A native of Kerala was arrested on charge of misbehaving with crew on an Air India Express flight while travelling from Dubai to Mangaluru International Airport. The man even threatened to jump from the aircraft, according to officials. 

Siddartha Das, the security coordinator for Air India Express, lodged a complaint against the passenger, identified as Muhammad BC from Kannur, Kerala, after which he was caught by the airport security once the flight landed at Mangaluru. He was later handed over to the police.

DCP (Law and Order) Sidharth Goyal said the incident occurred on Flight IX814 on May 8.

When the flight was above the sea, Muhammad reportedly said he wanted to get off the plane, posing a threat to all on board. The unruly flyer was detained by airport security once the flight landed at Mangaluru International Airport and he was handed over to Bajpe police station officials.

Sources added once the flight took off from Dubai, the accused went to the lavatory and thereafter started inquiring with the cabin crew about a person named Krishna who was not on the flight. Muhammad kept on pressing the bell for in-flight assistance, even though the cabin crew members were near at hand. He then picked up a life jacket, gave it to a crew member, and said he wanted to use it upon landing.

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