Jet Airways buyout reports: Tata Sons says any such discussions preliminary, no proposal made

By: |
November 16, 2018 5:30 PM

Clarifying its stand on reports related to buyout of cash-strapped Jet Airways, Tata Sons on Friday said that such discussions are preliminary and “no proposal has been made” in this regard.

Jet Airways is struggling to make payments to creditors, including aircraft lessors and employees.

Clarifying its stand on reports related to buyout of cash-strapped Jet Airways, Tata Sons on Friday said that no proposal has been made to Jet Airways for a possible takeover and talks are at a preliminary level only. “We would like to clarify that any such discussions have been preliminary and no proposal has been made,” TV news channels reported citing statement by Tata Sons.

The Tata Sons’ board held a meeting today amid reports that it could acquire controlling stake in the Naresh Goyal-led debt-ridden airline. Jet Airways is struggling to make payments to creditors, including aircraft lessors and employees. Earlier, the airline posted its third straight quarterly loss at Rs 1,297 crore for the period between July-September 2018.

Also read: Share market HIGHLIGHTS: Sensex closes 196 points higher, Nifty above 10,650; Bharti Airtel zooms 10%

Earlier on Thursday, shares of Jet Airways had soared nearly 30 percent intra-day amid speculation that Tata Group Chairman N. Chandrasekaran is likely to pitch for board’s backing to acquire the Naresh Goyal-led airline in the board meeting today. Various media reports suggested that Tata Sons Ltd is seeking to acquire a controlling stake of debt-laden Jet Airways. The news made it big in the market and sent the Jet Airways counter soaring on Thursday.

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