Jet Airways surges 7% as mega alliance may come to the rescue

Representative image

Shares of Jet Airways surged nearly 7 percent intraday on May 22 on the back of reports that a consortium of sorts has been formed that could still revive the cash strapped airline from the brink of a shutdown.

Moneycontrol has learnt that Etihad Airways, along with the Hinduja Group, has joined hands with AdiGro Aviation and Jet Airways founder Naresh Goyal to revive the Indian airline, which suspended operations on April 17.

While AdiGro Aviation, which is based in London, was in advanced talks with Etihad Airways and Jet Airways lenders, the Hindujas have also agreed to consider an investment in the airline.