NIVAAN GOYAL MAY JOIN JET AIRWAYS’ BOARD OF DIRECTORS

MUMBAI: Jet Airways (India) Ltd promoter Naresh Goyal’s son Nivaan Goyal, who has been playing an active role in negotiations with lenders, is likely to be inducted into the cash-strapped airline’s board of directors, aperson with direct knowledge of the matter told Mint.

Ni va an Goya l is likely to be elevated as aboard member soon, said the person who asked not to be identified, adding that the lenders of Jet Airways and its equity partner Etihad Airways have supported the elevation.

“Lenders don’t want a situation where only they have to deal with Etihad. This is why they supported Nivaan’s elevation to the board,” the person said, adding that Nivaan Goyal could be elevated to the executive director’s (ED) position in the board in the coming days.

Nivaan Goyal has led Jet Airways delegation for meetings with lenders on the last two occasions, the latest being on February 27, when lenders were informed that founder Naresh Goyal had agreed to step down from the airline’s board as its chairman as part of a plan to secure a rescue deal for the company.

“During the last two meetings of the airline’ s management with lenders, it was Ni va an Go ya land not Naresh Goyal, who was present during negotiations with the lenders, “said a banker who didn’t want to be identified. “It seems he’s (Nivaan’s) set for a bigger role at Jet Airways,” the person said.

Jet, Etihad and State Bank of India (SBI) didn’t immediately respond to queries.

Mint on Thursday reported that Naresh Goyal has agreed to step down as chairman.