State-Run Banks Have Kept Public Interest In Mind: Arun Jaitley On Jet Airways
Finance Minister Arun Jaitley said on Monday that he was happy with the lenders' decision regarding Jet Airways as the public sector banks have kept legitimate self-interest and public-interest in mind. After weeks of uncertainty over the future of ailing Jet Airways, the airline's board has approved an immediate fund infusion of up to Rs 1,500 crore by lenders as well as conversion of debt into equity.
About the developments at Jet Airways, Mr Jaitley said it was a decision that creditors have taken, and that the public sector banks kept a legitimate self-interest and public-interest in mind.
"India needs more aircraft and airlines otherwise air fares will rise. Banks have kept self interest in mind by trying to keep it as a going entity so that they can recover their dues. I am happy with this decision," he said here.
The lenders, led by the State Bank of India (SBI), would become majority shareholders in the airline. Besides, the lenders would nominate two members on the airline's board.
As part of the debt resolution plan, piloted by SBI, the carrier's founder and chairman Naresh Goyal, his wife Anita Goyal and Etihad Airways' nominee director Kevin Knight are quitting the board.
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