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March 2019
4:41 AM IST
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Business News
Jet Airways In Talks With SBI To Raise Rs. 1,500 Crore: Report
 
Debt-laden Jet Airways is close to reaching a deal with State Bank of India for a fresh loan of Rs. 1,500 crore ($215 million) to meet its working capital needs, two sources aware of the matter told Reuters.

The airline has scheduled a meeting on January 8 with its vendors and lessors, many of whom are getting increasingly concerned over non-payment of dues, and officials from State Bank of India (SBI) to discuss the debt restructuring plan, the first source with direct knowledge said.

The bankers are being called to the meeting to reassure the creditors, some of whom are expected to come to India from overseas, that Jet is working toward securing funding and has a repayment plan which it will share with them, said the first source.

Jet, the country's biggest full-service carrier by market share, owes money to pilots, lessors, banks and vendors. Its problems have been exacerbated by higher oil prices and intense pricing competition in the domestic market.

The airline, part owned by Etihad Airways, was in talks with the Abu Dhabi-based carrier to infuse more equity, but any money would be conditional on Jet's founder Naresh Goyal ceding control, sources have told Reuters.

Lessors have already forced the airline to ground at least four of its new fuel-efficient Boeing 737 MAX aircraft over non-payment of dues, the first source said, adding more planes could be grounded if lessors are unconvinced by the plan Jet presents next week.

Jet Airways and SBI did not immediately respond to a request for comment.

Jet has a total of 124 aircraft, the vast majority of which are leased.


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