Etihad in rescue talks with bankers for India's Jet Airways
Jet's outstanding dues thought to be $400m
Jet Airways and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter say. Executives of the airlines met the State Bank of India officials to discuss Jet’s cash flow and business plan, two of the people said. One said Jet has outstanding dues of about $400m, mainly owed to lessors and vendors. Abu Dhabi-based Etihad is also considering raising its stake above the 24% it has held since 2013, said one of the people, who declined to be identified as the talks were private. Foreigners can own up to 49% of an Indian carrier. The news sent Jet’s stock up as much as 3% in early trade before closing down 5.5%. Etihad declined to comment. Jet and the State Bank of India did not respond to requests for comment. Jet, controlled by founder Naresh Goyal, is India’s biggest full-service carrier by market share, serving one of the world’s fastest-growing domestic aviation markets. Yet the market is do...
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