Skip to content
Search

Latest Stories

India's Jet grounds seven more planes amid shutdown fears

India's debt-laden Jet Airways has grounded seven more planes after failing to pay for its aircraft leases, heaping pressure on its founder as a ballooning crisis threatens its survival.

The beleaguered airline, gasping under debts of more than $1 billion, had grounded six planes earlier this week, and is also facing the threat of strike action over salary payments.


In a statement late Friday announcing the latest groundings, the airline said it was "making all efforts to minimise disruption to its network ... and is proactively informing and re-accommodating its affected guests".

The Mumbai-based airline has now been left with just a quarter of its fleet of 119 aircraft in operation.

Jet, which employs more than 20,000 people, has also been facing pressure from pilots who have not been paid on time, with unions threatening they will walk off the job if salaries do not arrive soon.

The airline, India's number two carrier by market share, says it has been badly hit by fluctuating global crude prices, a weak rupee and fierce competition from budget rivals.

In February, it secured a $1.19 billion bailout from lenders including State Bank of India to bridge a funding gap.

But the crisis has since deepened due to a stalemate in talks between Jet founder Naresh Goyal and the airline's other major stakeholder, Etihad Airline.

Local media said Saturday hope was fading that Goyal would be able to raise the funds needed to save the airline he launched 26 years ago.

"Banks may wait for a couple of days and if Goyal is unable to do the needful, the former will ask him to quit from the board with his nominees," the Times of India daily quoted sources as saying.

A spokesman for Jet however told AFP the carrier was hopeful of "successfully resolving the current situation in the coming days."

The airline and its key stakeholders were working towards finalising a bank-led plan to "ensure that the airline emerges financially strong and resilient".

More For You

UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less