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Travel industry news

25 Mar 2019

BY James Chapple


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

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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