Crisis at Jet Airways Ltd Worsens now
Crisis at Jet Airways Ltd Worsens now Debt-laden carrier Jet Airways India Ltd`s Independent Director Mr Ranjan Mathai resigned late on Thursday, citing rising pressure from other commitments. The departure comes as the Airline struggles to keep itself afloat, with rising debt levels and higher oil prices weighing on profits. Indian conglomerate Tata Sons Ltd said last week it is in preliminary talks with Jet, but has not made a proposal to buy a stake. "I am no longer able to devote the time required to meet my obligations, as an independent director on the Board of Jet Airways and have accordingly decided to resign from the Board," Mathai said in a statement issued by the Airline. HIGHLIGHTS Jet Airways I Ltd Airways, once the brightest star in Indian Aviation, is today crippled by huge revenue losses and depleting market share. And is in dire need of a shot in the arm Even as you read this, one of Indian Aviation’s biggest deals may