Jet Airways seeks fund from NRI tycoon Yusuff Ali to stay afloat

Agencies
December 8, 2018

New Delhi, Dec 8: Jet Airways founder Naresh Goyal is reportedly in discussion with UAE-based NRI businessman M A Yusuff Ali, the owner of Lulu Group, for investment in his cash-strapped carrier. Naresh Goyal is also asking Abu Dhabi’s Etihad to increase its stake in Jet from 24 per cent to anywhere up to 49 per cent.

The publication mentioned that Yusuff Ali, who is close to the Abu Dhabi royals, may board Jet Airways only along with Etihad. “This will be a deal between Etihad and Yusuff Ali to take charge of the Indian carrier. It must be seen in the context of Etihad’s deal with Goyal,” a person familiar with the matter said. It may be noted that Yusuff Ali played a significant role in bringing the deal to a close between the two airlines five years ago. 

Etihad does not want the beleaguered Indian carrier to formally shut down its operations, especially after the Tatas — which had earlier showed interest in buying a controlling stake in the ailing airline, slowed down talks.

The publication quoted Yusuff Ali as saying, “I have no interest in buying an airline. My focus will be on my core areas of retailing and hospitality, where I will continue to invest.”

Naresh Goyal held talks with Yusuff Ali 10 days ago and discussed his buying a strategic stake in the carrier. However, Yusuff Ali was apprehensive about investing in an industry that loses so much money, the daily reported citing an unidentified person privy to this development. 

Last month, Jet Airways posted a consolidated net loss of Rs 1,261 crore for the September quarter. The debt-laden company urgently needs funds to infuse confidence among its lenders, employees and customers, say analysts.

Comments

syed
 - 
Sunday, 9 Dec 2018

very simple.....take a quick loan in the name of recover debt and flee like malya, nirav,choksi.....

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 15,2025

Udupi, Dec 15: What was meant to be a post-pilgrimage gathering turned tragic in Padukere village of Brahmavar taluk, Udupi district, late Sunday night, when a clash among youths escalated into a fatal assault, leaving one man dead.

The victim has been identified as 30-year-old Santosh Mogaveera, a resident of Padukere.

According to preliminary information, the incident took place during a late-night drinking party involving a group of local youths who had recently returned after completing their pilgrimage to the Sabarimala shrine. An argument reportedly broke out among the group and soon escalated into a violent confrontation.

During the ensuing brawl, Santosh Mogaveera was allegedly assaulted and collapsed at the spot after sustaining serious injuries. He was rushed by local residents to a private hospital in Brahmavar, where doctors declared him dead.

On receiving information, senior police officials, including Brahmavar Circle Inspector Gopikrishna, Kota Police Sub-Inspector Praveen Kumar T, Station ASI Manthesh Jabagoudar, and head constables Pradeep and Ashok, visited the spot and conducted an inspection.

Police have taken four youths into custody in connection with the incident. A case has been registered at the Kota police station, and further investigation is underway to ascertain the exact sequence of events leading to the death.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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