Jet Airways' woes! Naresh Goyal may have to cede control of cash-strapped airline to raise capital

Troubled Jet Airways, which has been grappling with financial woes for a while now and recently defaulted on its bank loans for the first time, may need to introduce big changes to survive. Analysts tracking the aviation sector say that the current promoters of the airline, Naresh Goyal and his family, who own a 51% stake, may have to give up management control if they want to raise capital. According to the sources, Jet Airways needs to raise at least US$250m-$300m immediately to pay off its dues to lenders and other vendors. The cash-strapped airline reported its third consecutive quarterly losses for the quarter ending September, and has been scrambling for funds to tide over a liquidity crisis. The past year saw the aviation sector take a beating courtesy of intense pricing competition, a weak rupee and high fuel costs. <br/>