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Travel industry news

25 Mar 2019

BY James Chapple

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Jet Airways founder stands down amid financial uncertainty

The founder of Jet Airways has stood down as chairman of the airline amid ongoing uncertainty over its future.

Jet Airways, India
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Jet Airways founder stands down amid financial uncertainty

Naresh Goyal’s resignation is expected to act as a makeweight allowing for for fresh investment in the carrier.


Jet Airways has in recent days been forced to ground nearly 50 aircraft, about two-thirds of its fleet, as it has not been able to meet lease costs.


It has suspended its five-times weekly Manchester-Mumbai route, launched last November, until at least the end of April.


The airline’s share prices were up more than 12% following the announcement on Monday (March 25).


Bloomberg reports Goyal’s reluctance to stand aside had put investors off from pumping cash into the carrier.

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