Two senior executives who joined India’s Jet Airways from Etihad Airways after the airline bought a majority stake in Jet are now playing “significant roles” in negotiations for additional equity and loans, according to Indian media reports.
Citing two people familiar with the negotiations, India’s Economic Times is reporting that former Etihad finance head Renyl Rauf – who joined Jet as senior vice president earlier in 2018 – and former Jet CEO Cramer Ball are among the executives involved in the discussions.
The newspaper noted that Rauf is believed to be “closely” aiding Jet chairman Naresh Goyal in the discussions, while Ball is serving as a senior advisor to Etihad Aviation Group.
Approximately 15 former Etihad staff members joined Jet after the first stake deal was completed in 2015. The newspaper added that additional executives from Etihad “may join various roles as and when the deal nears fruition.”
Arabian Business has reached out to Etihad Airways for comment.
Etihad is an existing partner in Jet Airways, holding 24 percent equity in the Indian carrier.
In November, it was reported that Goyal had met with a management team from Etihad headed by group CEO Tony Douglas.
“Goyal is willing to consider handing over the operational reins to the Middle Eastern carrier in exchange for a fresh cash infusion through equity and soft loans, with the founder of the airline continuing as its chairman,” an Economic Times story noted at the time.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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