Tatas mull acquiring stake in Jet Airways
New Delhi: Tata Sons is mulling acquiring stake in crisis-hit Jet Airways, according to sources.
The diversified Tata Group owns majority stakes in two airline joint ventures — Vistara and AirAsia India.
Sources said Tata Sons is mulling purchasing stake in Jet Airways and that the plans are at a very early stage. Tata Sons is the promoter of the major operating Tata companies.
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". Query sent to a Tata Sons spokesperson remained unanswered. Naresh Goyal-led Jet Airways, in which Gulf carrier Etihad holds 24 per cent stake, is grappling with financial woes and has even delayed payment of salaries to staff.
Tatas has 51 per cent stake each in full service airline Vistara — a joint venture with Singapore Airlines — and budget carrier AirAsia India — where 49 per cent 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.
Sources said that Vistara could be looking at having stake in Jet Airways, which operates on a significant number of foreign routes.