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Jet Airways founder Naresh Goyal steps down amid crisis



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Jet Airways is India's oldest private airline
                

The founder of cash-strapped Indian airline Jet Airways has stepped down as chairman of the company.

Naresh Goyal's resignation is likely to save India's oldest private carrier.

They were held back by Mr Goyal's reluctance to give the company's control, reports say.

Jet's debt exceeds $ 1

bn (£ 750m) and the airline has grounded some flights as it is struggling to pay employees.

Within minutes of Monday's announcement, the company's stock jumped 12%.

In a stock market filing which also announced the resignation, the company said it would lend around $ 210m to keep it afloat until it starts to sell to new investors.

  • Jet Airways: The riches to rags story of India's oldest private airline

In recent weeks, it has grounded more than two-thirds of the 119 aircraft in its fleet.

A pilots' organization had also been warned that its members would not stop flying for the carrier.

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Naresh Goyal founded Jet more than 25 years ago
                

Mr Goyal was at the heart of the crisis, according to BBC's Sameer Hashmi, who says he's refusing to step down.

It's a deal with Etihad Airways, which owns a 24% stake in Jet,

It happened again when India's largest conglomerate the Tata Mr. Goyal refused to resign from the board.

Mr. Goyal and his family are a major stake in the airline. It's unclear if they want to retain all their shares.

There were news reports that the Indian government had urged state-run banks to save the carrier.


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