Jet Airways India Ltd., in the midst of bailout talks with its partner and lenders, is all set to get an emergency loan of as much as 6 billion rupees which is equivalent to $85 million.
Banks, led by SBI plan to provide the funds against shares pledged by founder and Chairman Naresh Goyal and partner Etihad Airways PJSC and their guarantees back these.
The fund infusion will act as a lifeline for Jet Airways.
Jet Airways India Ltd., in the midst of bailout talks with its partner and lenders, is all set to get an emergency loan of as much as 6 billion rupees which is equivalent to $85 million.
Banks, led by SBI plan to provide the funds against shares pledged by founder and Chairman Naresh Goyal and partner Etihad Airways PJSC and their guarantees back these. According to one of the people, the disclosure is likely to be made after Jet Airways’ extraordinary shareholder meeting scheduled for 21 February.
The fund infusion will act as a lifeline for Jet Airways. The stock is known as the worst performing airline stock that has defaulted on interest payments, delayed salaries and grounded many aircraft in its struggle to stay afloat.