Mumbai, Oct 18: Jet Airways, which is currently undergoing financial crisis has been approached by the Tata Group, who have shown interest in purchasing a large stake in the airline. However, Tata Sons seeking full management control and role of Jet chairman Naresh Goyal could overturn the proposal, sources told media.

According to TOI’s report, the Tata Group would be interested to buy at least 26 percent in Jet Airways, which would trigger an open offer of an additional 26 percent from Jet’s shareholders.

Tata Sons which is already into the airline industry through joint ventures with Singapore Airlines which operates Vistara, and budget airline Air Asia, plans to develop their aviation business in terms of network, fleet presence and market share. A deal with Jet Airways would make this possible for Tata Group.

When government had put Air India on sale, Tata Group had considered bidding for it but finally it did not go ahead with the bid.

Meanwhile, Naresh Goyal, who along with his wife Anita owns 51% shares of Jet Airways held one round talks with buyout investor TPG, but the deal did not proceed due to differences over controlling rights.

Abu-Dhabi based carrier Etihad Airways which owns 24% in Jet had made a $35 million “cash pre-purchase payment” to Jet to improve its financials. However, if the deal with Tata progresses, it is speculated that Ethiad may sell its stake in full or atleast a part of it.

Sources say that both Jet Airways and Tata Group are keen on making discussions successful. When questioned about the deal, a Tata Sons spokesperson declined to comment while a Jet Airways spokesperson termed it ‘speculative’.

Speculations are also rife that former IndiGo president Aditya Ghosh, who is now an advisor to Tata Trust’s cancer care initiative may be asked to step-in to head Tata’s aviation business.