Naresh Goyal pulls out of race for Jet Airways

Mae Love
April 17, 2019

Mumbai: With the lenders rejecting an lifeline of Rs 400 crore Wednesday Jet Airways, which has been on a wing and prayer since January, is left with no other option but to ground operations at least temporarily.

Jet Airways' shares crashed this morning amid reports that its board has proposed a total operational shutdown.

"Discussions for reviving the airline are underway and nothing has been finalised as of now".

A senior government official said that funding for Jet Airways from lenders is likely to come through.

Earlier in the day, Civil Aviation Minister Suresh Prabhu had called for a review of issues related to struggling Jet Airways, including rising fares and flight cancellations.

On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier. Meanwhile, merchant banker SBI Caps, acting on behalf of the group of lenders, has started the process for sale of the financially troubled carrier for lenders.

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Jet Airways has a debt burden of more than Rs 8,000 crore.

A year ago Jet had more than 120 planes operating, but the full-service airline has been hit by competition from low-priced carriers such as IndiGo and SpiceJet, along with high oil prices, fuel taxes and a weak rupee.

"Right now, the lenders are trying to resolve the issue by seeking bidders for investment".

It said that the operations have been severely impacted due to the liquidity conditions and added "The company's leadership, in consultation with its Board of Directors, is engaged with lenders in connection with the said emergency funding request to arrest further deterioration of its services and minimize inconvenience to its guests".

Jet, which did not respond to requests for comment, saw its shares fall by as much as 18.5 percent on Tuesday after Indian media reported that Jet's management had advised the airline's board to temporarily suspend the company's operations.

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