Tata Group in discussions to buy stake in Jet Airways

Vastavam web: Indian business conglomerate Tata Group has held preliminary discussions to buy a large stake in debt-laden Jet Airways (India) Ltd (JET.NS), the Times of India reported here on Thursday. Tata has sought management control of Jet, seeking at least 26 percent initially and another 26 percent via an open offer later, the paper said.

A Jet Airways representative said the news report was speculative, while the Tata Group declined to comment. Tata Sons is the holding company for the Tata Group which already has two aviation ventures in India – Vistara with Singapore Airlines (SIAL.SI) and AirAsia India with the Malaysian budget carrier AirAsia Group. Jet Airways Chairman Naresh Goyal is the majority owner of the airline in which Etihad Airlines also owns a stake.