Deals
Modi Has Asked Tata to Explore Buying Jet Stake, Sources Say
- Jet Airways’ collapse could result in thousands of job losses
- Deal could involve haircut to bank loans and airport dues
A Jet Airways India Ltd. plane prepares to land at Chhatrapati Shivaji International Airport in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
The interests of India’s government and the nation’s biggest conglomerate are converging over a teetering airline.
Prime Minister Narendra Modi’s administration has approached Tata Group’s salt-to-software empire to help rescue Jet Airways India Ltd., people familiar with the matter said. To aid the process, the government is talking to Tata about a potential haircut to state-run banks on Jet’s loans and writing off some of its dues to the state-run airports operator, one of the people said. Tata’s board is deliberating a takeover on Friday.