Etihad to raise stake in cash-strapped Jet Airways: Source

Agencies
January 15, 2019

Dubai, Jan 15: Etihad Airways, which owns 24 percent of debt-laden company Jet AirwaysNSE 5.20 %, plans to increase its stake in the Indian airline, a source close to the Abu Dhabi carrier told news agency.

Shares in India's Jet Airways jumped over 18 percent on Monday after CNBC TV18 reported earlier on Monday that founder and chairman Naresh Goyal was likely to step down from the board and give up majority control. The report also said that Etihad may infuse more capital into Jet.

The source, who spoke on condition of anonymity, said Goyal was on his way out but did not clarify if that would mean he is stepping down as chairman or from the board.

Etihad putting more money into the Indian carrier is conditional on Goyal diluting his stake, a source told Reuters last month.

Even so, Etihad's stake will be capped at 49 percent due to foreign ownership rules in Indian airlines and if it goes past the 25 percent ownership threshold, it would need to adhere to capital markets regulations and make an open offer to shareholders to buy a further 26 percent stake.

CNBC TV18, citing sources, reported that Goyal would trim his 51 percent stake to 20-25 percent and agree to voting rights on his stake being capped at 10 percent.

Etihad declined to comment. Jet and Goyal did not immediately respond to emails seeking comment.

Jet said on Jan. 2 it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of IndiaNSE 0.87 %.

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 5,2025

indigoCEO.jpg

New Delhi, Dec 5: IndiGo CEO Pieter Elbers issued a public apology this evening after more than a thousand flights were cancelled today, making it the "most severely impacted day" in terms of cancellations. The biggest airline of the country cancelled "more than half" of its daily number of flights on Friday, said Elbers. He also said that even though the crisis will persist on Saturday, the airline anticipates fewer than 1,000 flight cancellations.

"Full normalisation is expected between December 10 and 15, though IndiGo cautions that recovery will take time due to the scale of operations," the IndiGo CEO said. 

IndiGo operates around 2,300 domestic and international flights daily.

Pieter Elbers, while apologising for the major inconvenience due to delays and cancellations, said the situation is a result of various causes.

The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to "misjudgment and planning gaps".

Elbers also listed three lines of action that the airline will adopt to address the issue.

"Firstly, customer communication and addressing your needs, for this, messages have been sent on social media. And just now, a more detailed communication with information, refunds, cancellations and other customer support measures was sent," he said.

The airline has also stepped up its call centre capacity.

"Secondly, due to yesterday's situation, we had customers stranded mostly at the nation's largest airports. Our focus was for all of them to be able to travel today itself, which will be achieved. For this, we also ask customers whose flights are cancelled not to come to the airports as notifications are sent," the CEO said.

"Thirdly, cancellations were made for today to align our crew and planes to be where they need to start tomorrow morning afresh. Earlier measures of the last few days, regrettable, have proven not to be enough, but we have decided today to reboot all our systems and schedules, resulting in the highest numbers of cancellations so far, but imperative for progressive improvements starting from tomorrow," he added.

As airports witnessed chaotic scenes, the Directorate General of Civil Aviation (DGCA) stepped in to grant IndiGo a temporary exemption from stricter night duty rules for pilots. It also allowed substitution of leaves with a weekly rest period. 

Civil Aviation Minister Ram Mohan Naidu has said a high-level inquiry will be ordered and accountability will be fixed.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 7,2025

envoy.jpg

Since 1946, the United States has attempted 93 coups or “regime change” operations across the world — including two in Iran, US Special Envoy for Syria Tom Barrack has admitted.

Speaking to the UAE-based IMI Media Group, in remarks published by The National, Barrack said Washington tried twice to overthrow the Iranian government but failed both times. 

“For (Trump) then to be imputed with regime change — we had two regime changes in Iran already. Neither one worked. So I think wisely leave it to the region to solve,” said Barrack, who also serves as the US ambassador to Turkey.

His comments come six months after the US joined Israel in airstrikes against Iran during ongoing indirect nuclear negotiations between Tehran and Washington.

On June 13, Israel launched an attack on Iran that killed at least 1,064 people and hit civilian infrastructure. Days later, the United States targeted three nuclear facilities — Fordow, Natanz and Isfahan — in what Iran called a clear violation of international law. Iranian retaliation eventually forced a halt to the assault on June 24.

Barrack further claimed that US President Donald Trump and Foreign Secretary Marco Rubio are “not into regime change” and prefer a regional approach driven by Middle Eastern countries themselves. According to him, regional dialogue and non-interference by outside powers offer a more durable path forward.

He added that Washington is still open to an agreement with Tehran if Iranian authorities show “seriousness” and willingness to engage constructively.

However, Iran maintains the US has not shown readiness for meaningful talks. In an interview with Japan’s Kyodo News, Iranian Foreign Minister Abbas Araghchi said negotiations could advance only if Washington acknowledges Iran’s right to peaceful nuclear energy and lifts unilateral sanctions.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 6,2025

indigoticket.jpg

With IndiGo flight disruptions impacting thousands of passengers, the airline on Saturday said that it will offer full waiver on all cancellations/reschedule requests for travel bookings between December 5, 2025 and December 15, 2025.

Earlier in the day, the civil aviation ministry had directed the airline to complete the ticket refund process for the cancelled flights by Sunday evening, as well as ensure baggage separated from the travellers are delivered in the next two days.

In a post on X, titled 'No questions asked', IndiGo wrote, "In response to recent events, all refunds for your cancellations will be processed automatically to your original mode of payment."

"We are deeply sorry for the hardships caused," it further added.

Several passengers, however, complained of not getting full refund as promised by the airline.

Netizens have shared screenchots of getting charged for airline cancellation fee and convenience fee.

"Please tell me why u have did this airline cancellation charges when u say full amount will be refunded (sic)," a user wrote sharing a screenshot of the refund page.

"Well, but you have still debited the convenience charges," wrote another.

Passengers have also raised concerns about the "cancel" option being disabled on the IndiGo app. "First enable the 'Cancel' button on your App & offer full refund on tickets cancelled by customers between the said dates," wrote a user.

A day after the country's largest airline, IndiGo, cancelled more than 1,000 flights and caused disruptions for the fifth day on Saturday, the ministry said that any delay or non-compliance in refund processing will invite immediate regulatory action.

The refund process for all cancelled or disrupted flights must be completed by 8 pm on Sunday, the ministry said in a statement.

"Airlines have also been instructed not to levy any rescheduling charges for passengers whose travel plans were affected by cancellations," it said.

On Saturday, more than 400 flights were cancelled at various airports.

IndiGo has also been instructed to set up dedicated passenger support and refund facilitation cells.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.