Dubai – Mubasher: Jet Airways has reportedly agreed on a group of conditions set by Etihad Airways to bail out the troubled Indian carrier.
In January, Etihad Airways announced that doubled its stake in India's debt-laden Jet Airways to 49% from 24%.
Jet Airways and Etihad Airways are expected to sign a memorandum of understanding (MoU) within days, under which the stake of the Jet Airways’ founder and chairman Naresh Goyal will be reduced to 22% from 51%.
Etihad Airways appointed the US-based turnaround manager Alvarez & Marsal to initiate due diligence on Jet Airways Ltd last month.
“Executives from Alvarez & Marsal are camped in Jet Airways’ offices in Mumbai and are taking stock of the airline’s operations and looking into its financial health and records,” Reutres reported in January, citing an informed source as saying.
