GET Stock QuotesNews18 APP
News18 English
»
1-min read

Tata Begins Talks to Buy Controlling Stake in Cash-Strapped Jet Airways: Report

After posting its third consecutive quarterly loss on Monday, debt-laden Jet Airways said it planned to cut flights on less profitable routes and add capacity in more lucrative markets.

Reuters

Updated:November 13, 2018, 11:26 AM IST
facebookTwittergoogleskypewhatsapp
Tata Begins Talks to Buy Controlling Stake in Cash-Strapped Jet Airways: Report
Representative image.
Loading...
Mumbai: Indian conglomerate Tata Sons is conducting due diligence on Jet Airways as it explores the purchase of a controlling stake in the cash-strapped airline, Mint newspaper reported on Tuesday citing two people directly aware of developments.

Saurabh Agarwal, chief financial officer of Tata Sons, is leading the discussions while Jet Airways is represented by its chairman Naresh Goyal, the newspaper said, citing the sources who it said asked not to be identified as the talks are private.

"An in-house team of Tata Sons is currently conducting due diligence on Jet Airways, which is expected to continue for the next few weeks," the newspaper quoted one of the two people as saying.

Reuters could not immediately reach Tata Sons or Jet Airways for comment on the report.

After posting its third consecutive quarterly loss on Monday, debt-laden Jet Airways said it planned to cut flights on less profitable routes and add capacity in more lucrative markets, as part of efforts to lower costs and boost revenue.

A combination of rising oil prices, high fuel tax, a weak rupee, low fares and price competition has seen profit dive in the world's fastest-growing aviation market, which is clocking 20 percent annual passenger growth.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Kotak Mahindra 1,198.35 -6.35
Reliance 1,090.25 -3.84
Sun Pharma 399.00 -2.98
CPSE ETF 22.32 -0.80
Yes Bank 165.65 -0.33
Company Price Change %Gain
Reliance 1,088.50 -3.95
Kotak Mahindra 1,198.15 -6.56
Yes Bank 165.35 -0.45
Sun Pharma 398.85 -3.03
CPSE ETF 22.33 -0.76
Top Gainers
Company Price Change %Gain
IOC 134.35 3.55
BPCL 330.25 1.49
HPCL 226.70 0.85
Coal India 238.15 0.59
Maruti Suzuki 7,350.50 0.50
Company Price Change %Gain
Coal India 238.60 0.76
Maruti Suzuki 7,350.10 0.49
Top Losers
Company Price Change %Gain
Kotak Mahindra 1,198.35 -6.35
Indiabulls Hsg 686.60 -4.22
UltraTechCement 3,776.55 -3.97
Reliance 1,090.25 -3.84
Adani Ports 359.15 -3.83
Company Price Change %Gain
Kotak Mahindra 1,198.15 -6.56
Reliance 1,088.50 -3.95
Adani Ports 359.35 -3.85
Asian Paints 1,272.70 -3.48
Tata Motors 156.85 -3.45

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results