Agreed to sacrifice control and interest in the airline to ensure Jet airway’s lasting welfare: Naresh Goyal

Mumbai: Asserting that during this period of turbulence, his wish and commitment is to ensure the well-being of Jet Airways family, Naresh Goyal, promoter and former Chairman of Jet Airways, has said that he agreed to sacrifice his control and interest in the airline with the sole aim to ensure the Jet family’s lasting welfare.

In a press statement on Wednesday, Goyal acknowledged the crisis being faced by the airline and said, β€œIn order to absolutely ensure that they, emerge unscathed from the recent disruptions and continue to hold their heads up high with pride for having helped build, what I truly believe, is one of the world’s premier airlines, I have agreed to sacrifice my every control and interest in the Airline with the sole aim to ensure the Jet family’s lasting welfare.”

“It is my fervent desire that Jet Airways not only survives but continues to provide meaningful employment and growth opportunities to every employee and continues to offer our incomparable Joy of Flying to our patrons for a long time to come.”

Recalling his past journey of 25 years, he also said that he has “conscientiously taken some hard, personal decisions.”

Extending his full cooperation to the consortium of Indian lenders, Goyal also said that he has agreed to each and every term and condition laid down by them in a timely manner.

β€œI have given all facilitation for the implementation of the “Resolution Plan” and signed on the dotted line as required to ensure the release of the much-needed funds committed by the Lenders, in order to secure a sustainable future for Jet Airways,” read his statement.

On March 25, then Jet Airways Chairman Naresh Goyal had stepped down, paving way for lenders to bail out the financially troubled airline he set up 25 years ago.

Jet has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.