Goyal to sell 10% in Jet Airways

Jet Airways Chairman, Naresh Goyal is planning to sell 10 per cent shares in the Jet Goyal to sell 10% in Jet AirwaysAirways. Mr. Goyal is in talk with some international funds for share sell out. He said that he will always remain the mentor of the company and will sell his own stake to make the company stronger, economically. He was here in Mumbai to address the annual general meeting (AGM) of the company.

Mr. Goyal, currently holds about 80 percent shares in Jet Airways. The company is likely to issue shares to investors to arrange more funds for company. It is waiting for the improvement in the global financial conditions for rights issue.

The company has, earlier set a target to collect $800 million to buy new aircrafts and further expand its operations. It would introduce 8 aircrafts in its fleet with n coming years.

Jet Airways suffered a loss of Rs 253 crore in financial year 2008. The prices of aviation turbine fuel affected the revenue of almost all leading airlines of the world. The Indian airlines suffered a loss of Rs 4,000 crore in the financial year 2008. Jet airways would start fuel hedging and will import jet fuel to control losses in the current fiscal.