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Etihad may not get to run Jet airways

india Updated: Feb 01, 2013 22:01 IST
Tushar Srivastava

Abu Dhabi-based Etihad Airways is unlikely to have management control over Jet Airways after the two airlines complete a stake sale deal, said a senior Jet executive.

"There will be no management control," the official said.

Etihad is close to picking up a 24% stake in Jet and the deal could be announced in a week or so.

Etihad - which Jet promoter Naresh Goyal helped set up in 2003 - will pick up a 24% stake for about Rs.1,800 crore.

Goyal and Etihad chief executive officer James Hogan met finance minister P Chidambaram at the North Block headquarters of the finance ministry on Friday. Goyal later met senior aviation ministry officials.

"I am happy and satisfied. I will speak to you at the right time," Goyal said after meeting Chidambaram. Asked when they would apply to the FIPB, Goyal said, "Whatever happens, we will tell you when it happens". Hogan said, "All meetings have been great."

Even as the Jet top brass was at North Block, the airline's Delhi-based pilots, who are upset with the company for not clearing their salary arrears, were meeting at the Centaur Hotel.

"On February 5 our representatives would be meeting the management after which we would decide our future course of action," a source said.