Tata group wants complete control of Jet Airways, rejects part-ownership: report

Tata Group rejected the initial proposal of part-ownership and joint control of crisis-hit Jet Airways as it wants complete control and the promoter Goyal family to exit the aviation company, The Economic Times reported.

The airline, according to the paper, has offered the Tatas 26 percent and some board-level positions, including vice-chairmanship. “The Tatas are interested in buying out the entire airline and significantly scaling up the existing business,” sources told the paper.

People familiar with the matter told the paper that Tata Group has made it clear to the representatives of the airline that it is interested in either an outright purchase of the entire company or all its assets such as aircraft and other infrastructure.

Tata, however, said it is not interested in the deal if Goyals, who have 51 percent stake in Jet, continue to retain significant control.

Sources told the paper that if the talks with Jet bear fruit, the Tata will revamp its existing aviation ventures and align everything with Jet.