Jet Airways Chairman Naresh Goyal on May 31 purchased about 37 per cent stake in the airline from a promoter entity, signalling the change in ownership of the airline. The change in ownership is necessary to conform to the government’s foreign direct investment norms in aviation. The Isle of Man-registered Tail Winds, which holds 51 per cent in the airline, sold 31.8 million shares valuing Rs 1,670 crore to Goyal.    

This is the second such transaction in one week. Last week, Goyal bought 25.1 million shares valuing Rs 1,433 crore from Tail Winds. Tail Winds, 100 per cent owned by Goyal, had 69 million shares or 80 per cent of shares in Jet Airways.    

The change of ownership has been necessitated ahead of Etihad’s investment in Jet. Tail Winds is categorised as a foreign entity and the government rules do not allow foreign holding in an airline beyond 49 per cent. Last month, Etihad had agreed to take 24 per cent in Jet in a deal valuing about Rs 2,060 crore.    

The deal is still to receive various regulatory clearances.