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How stocks reacted after govt opened FDI flood gates
Mon, Sep 17, 2012 at 17:47
Compared to KFA and SpiceJet, Jet Airways’s jump was a mere 4%. Analysts say that Jet, which also has around Rs 13,000 crore debt on its books, is better placed in terms of market share -- only a notch below Indigo as per July data. The company is on firm footing and may want to either consolidate or firm up. Chairman Naresh Goyal holds 79.99% in Jet Airways through Tailwinds. He has an NRI status, where 100% ownership is allowed, however, Goyal's investment is via Tailwinds, which is considered FDI by the Indian government. Tailwinds is registered in the Isle of Man. In India, only 49% FDI investment permissible in aviation. Currently, Jet Air needs Rs 1500- 2000 crore for working capital and is in talks with banks to raise funds.