New Delhi, February 1: In a recent development, Naresh Goyal has announced to step down from the post of chairman of Jet Airways on Friday, days after reports arrived that the premium airline service was struggling to stay afloat. According to the latest information, Etihad Airlines is most likely to sign two Memorandum of Understandings (MoUs) on the bailout plan terms and conditions.

Earlier, the reports cited that Goyal is in talks with a Malayali businessman - Abu Dhabi-based NRI billionaire Yusuffali M A. The latter is a Padmashri awardee and managing director of Lulu group international that owns the Lulu Hypermarket chain. Jet Airways Says Actively Engaged With Aircraft Lessors to Improve Liquidity. 

However, with market shares continues to plunge and the deals allegedly couldn't be reached to the final stage, Jet Airways decided to fly with Etihad. According to the previous information, Goyal is looking for a raise in the share of Etihad from anywhere between 24% to 49%.

The speculations of Yusuffali not interested in buying the Jet Airlines got confirmed, after the Economic Times reported that the Lulu Group chief wants to focus on his core areas of retailing and hospitality. Following the disinterest of Yusuffali, Goyal reached to Etihad and sources say that an internal understanding has been done, based on the market presence of both the premium airlines group.

(The above story first appeared on LatestLY on Feb 01, 2019 10:12 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).