As a result of this ruling, Gulf Air and Kuwait Airways sold their stakes to Naresh Goyal, who then became the airline's sole shareholder. Jet Airways floated a minority stake of around 20% on the Bombay Stock Exchange in 2005 to enable it to reduce the debt that had been accumulated since its inception as well as to fund its fleet expansion programme, including the acquisition of a fleet of new Airbus A330 and Boeing 777 long-haul wide-bodied jets to operate new long-range services, primarily to Europe and North America. This resulted in a reduction of Tailwind's stake in the airline to just below 80%.[74] According to the company's articles of association, the bulk of Naresh Goyal's shares in Tailwinds are held on behalf of several other individuals who all seem to be resident citizens of India. While Indian government officials have been satisfied that these arrangements do not compromise Jet Airways' status as an Indian-owned airline that is effectively controlled by Indian citizens, they were viewed as "problematic" by the American authorities.[71]
 
As a result of this ruling, Gulf Air and Kuwait Airways sold their stakes to Naresh Goyal, who then became the airline's sole shareholder. Jet Airways floated a minority stake of around 20% on the Bombay Stock Exchange in 2005 to enable it to reduce the debt that had been accumulated since its inception as well as to fund its fleet expansion programme, including the acquisition of a fleet of new Airbus A330 and Boeing 777 long-haul wide-bodied jets to operate new long-range services, primarily to Europe and North America. This resulted in a reduction of Tailwind's stake in the airline to just below 80%.[74] According to the company's articles of association, the bulk of Naresh Goyal's shares in Tailwinds are held on behalf of several other individuals who all seem to be resident citizens of India. While Indian government officials have been satisfied that these arrangements do not compromise Jet Airways' status as an Indian-owned airline that is effectively controlled by Indian citizens, they were viewed as "problematic" by the American authorities.[71]
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