Tatas may seek non-compete agreement with Jet Airways' Naresh Goyal: report

Tata Sons is seeking a strict non-compete agreement with Jet Airways' promoter Naresh Goyal by buying out his stake in the airline, Business Standard reported.

The non-compete agreement would keep Goyal out of the travel and trade business as well as running the airline company for a period of at least five years, the report said citing sources.

“The Tatas are likely to insist on heavy non-compete clause with no-travel related business participation. This will be insisted along with no-board presence of Goyal or his family members,” a person aware of the developments told the newspaper.

However, such a clause may become a deal breaker as Goyal would not want to stay out of the travel and trade business, said the report.

Tata Sons Friday said it has not made any concrete proposal for taking over the struggling carrier Jet Airways, and that it has held only “preliminary” discussions on the matter.