Banks ask Naresh Goyal, Etihad to contribute to Jet Airways bailout

Goyal agrees to step down from the board, cut his stake to 22%

The consortium of lenders in Jet Airways has made it clear to the promoter and chairman of the cash-strapped airline, Naresh Goyal, and partner Etihad Airways that there cannot be only a bank-driven bailout of the Indian carrier and the two will have to play an equal role in getting it out of financial woes.

Also, Goyal, according to banking sources, is open to the suggestion of him stepping down from Jet Airways’ board and having no role in managing the airline. He, according to the sources, has also agreed to reduce his equity stake from 51 per cent to around