Skip to content
Search

Latest Stories

Lenders Propose $900 Million Turnaround Plan For India’s Debt-Ridden Jet Airways

Indian lenders led by State Bank of India (SBI) on Tuesday (8) proposed a $900 million resolution plan to debt-ridden country’s Jet Airways (India) Ltd, a local media report said.

The latest resolution plan comprises of fresh equity infusion and restructuring of $450m of loan, Indian daily Mint reported citing two sources familiar with the development.


If the airline’s turnaround plan approved by all the stakeholders, then the company’s founder chairman Naresh Goyal’s stake is likely to fall below the current level of 51 per cent.

The latest plan was discussed and shared with the stakeholders in a meeting chaired by SBI and attended by Jet Airway’s chairman Goyal and officials from Etihad Airways, which has 24 per cent stake in the airline, the sources said.

According to the current plans which are yet to be finalised, Naresh Goyal and Etihad jointly pump $450m in the airline whereas, local lenders will restructure another $450m of the airline’s debt, which is up for maturity between now and March 2019.

The final plan is expected to be put in place by the end of this month and the banks expect that the resolution plan is likely in force by March 31 2019, well before the 180-day duration under the country’s central bank’s circular.

The Reserve Bank of India’s circular relates to how banks required to deal with stressed assets. The circular noted that a resolution professional should be appointed within 180 days for defaulting accounts with a total exposure of Rs 20 billion and more.

Last week, the airline defaulted on its debt repayment to a consortium of Indian banks.

More For You

Jio Platforms

Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. (Photo: Reuters)

Reuters

Jio IPO planned for mid-2026, AI unit announced with Meta and Google

RELIANCE Industries plans to take its telecom and digital arm, Jio Platforms, public by mid-2026, chairman Mukesh Ambani said on Friday. The announcement sets a new timeline for the long-awaited IPO of a business analysts value at over $100 billion.

At its annual general meeting (AGM), Reliance also announced the launch of an artificial intelligence unit in partnership with Google and Meta.

Keep ReadingShow less
Asda tech overhaul

Asda sales fell 0.2 per cent in the three months to June 30, 2025 (AFP via Getty Images)

AFP via Getty Images

Asda boss hails tech overhaul as key to revival despite sales slump

THE chairman of Asda has admitted the supermarket chain still faces challenges after sales slipped again over the summer, but said the completion of a major IT overhaul was crucial for its recovery.

Allan Leighton told the Times that the long-delayed technology project, called Project Future, had finally been finished after years of setbacks and costs exceeding £1 billion. The work involved separating more than 2,500 systems inherited from former owner Walmart, following Asda’s 2021 takeover by TDR Capital.

Keep ReadingShow less
JLR-Getty

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England. (Photo: Getty Images)

Getty Images

UK car exports to US rebound after trade deal

UK VEHICLE exports to the United States rose in July after a new trade deal between London and Washington reduced tariffs, industry data showed on Thursday.

According to the Society of Motor Manufacturers and Traders (SMMT), exports increased 6.8 per cent in July to nearly 10,000 units, following three consecutive months of decline.

Keep ReadingShow less
Relatives of jailed Briton appeal to UK minister in AgustaWestland row

Christian Michel

Relatives of jailed Briton appeal to UK minister in AgustaWestland row

THE family of Christian Michel, the British businessman accused of acting as a middleman in the AgustaWestland VVIP helicopter deal, has appealed to the UK government to push for his release from Delhi’s Tihar Jail.

Michel’s relatives met Foreign Office minister Catherine West in London on Tuesday (26). The Foreign, Commonwealth and Development Office (FCDO) said the minister listened to their concerns and updated them on ongoing steps being taken.

Keep ReadingShow less
Blackburn loses Issa empire as brothers move EG Group to US

Zuber and Mohsin Issa (Photo: LDRS)

Blackburn loses Issa empire as brothers move EG Group to US

ASIAN entrepreneurs Mohsin and Zuber Issa are moving the headquarters of their global forecourt company, EG Group, from Blackburn to the US in preparation for a major stock market listing in New York.

The firm confirmed that its main office will relocate to Charlotte, North Carolina, while a new base in Bolton, Greater Manchester, will handle its remaining UK operations, the Telegraph reported. The change brings an end to almost 25 years of the company being run from Blackburn.

Keep ReadingShow less