Indian conglomerate Tata Sons is conducting due diligence on Jet Airways as it explores the purchase of a controlling stake in the cash-strapped airline, Mint newspaper reported on Tuesday citing two people directly aware of developments.

Saurabh Agarwal, chief financial officer of Tata Sons, is leading the discussions while Jet Airways is represented by its chairman Naresh Goyal, the newspaper said, citing the sources who it said asked not to be identified as the talks are private.

“An in-house team of Tata Sons is currently conducting due diligence on Jet Airways, which is expected to continue for the next few weeks,” the newspaper quoted one of the two people as saying.

REUTERS

13/11/2018