MUMBAI: Tata Group, the country's largest business conglomerate, has held preliminary talks to buy a large stake in the struggling Jet Airways , people aware of the matter have told TOI.The Naresh Goyal-founded Jet, which has delayed salaries to pilots and is staring at default on payments, has sought an equity collaboration. But Tata Sons, the parent of the $103 billion business behemoth, has sought management control.Tata has two aviation joint ventures-one with Singapore Airlines operating Vistara, and a second one with budget airline Air Asia. Vistara is a full services carrier competing directly with Jet. A deal with Jet would help the Tatas scale up the aviation business in terms of network depth, fleet presence and market share.A Tata Sons spokesperson declined to comment while a Jet Airways spokesperson termed the report "highly speculative".Several contentious points like management rights and the future role of Jet chairman Goyal could derail the talks, though both camps are exploring ways to take the discussions forward. Goyal, who along with his wife Anita owns 51% shares, has held one round of talks with buyout investor TPG. But, the talks did not progress due to differences over controlling rights.The Tata Group would want to acquire at least 26% in Jet. Such an acquisition would trigger an open offer to buy an additional 26% from Jet's shareholders.Etihad Airways owns 24% in Jet. Early this month, the Abu Dhabi-based carrier made a $35 million “cash pre-purchase payment” to Jet to improve its financials. But Etihad may sell all or part of its stake if talks with the Tatas progress.Whatever may be the fate of the negotiations, it is clear that Tata Sons chairman N Chandrasekaran is now ready to propel the group's aviation business through mergers and acquisitions. Tatas had considered bidding for Air India when the national carrier was put on sale by the government, but it didn't go ahead with the bid finally.Jet and the Tatas had clashed when former Tata Sons chairman Ratan Tata first attempted entering into the aviation sector through a joint venture with Singapore Airlines in the late 1990s.Chandrasekaran has started to revamp the aviation portfolio-- Air Asia India and Vistara--by inducting new leadership and infusing funds. Speculation is that former IndiGo president Aditya Ghosh, who is now an advisor to Tata Trust’s cancer care initiative, may be tapped to pilot the airline business.A three-member committee has been formed under Chandrasekaran to review the funding requirements of Vistara, a 51:49 joint venture between Tata Sons and Singapore Airlines. Vistara recently placed orders for aircraft worth $3.1 billion with Boeing and Airbus. It currently has 21 aircraft and plans to start international operations.