Naresh Goyal, the founder and promoter of Jet Airways, has made a financial offer to State Bank of India (SBI) to retain control of the ailing airline, reported Mint on Friday.

The development comes at a time when the carrier’s single largest public shareholder, Etihad Airways PJSC, has sought to oust him in exchange for infusing much-needed funds.

Goyal, in a letter, told SBI that he is willing to invest up to Rs 700 crore and pledge all his shares, provided he retains at least a 25 percent stake in the airline, said the report.

Goyal and his family currently own 51 percent of Jet Airways. Etihad Airways has a 24 percent stake.

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