Jet Airways chairman Naresh Goyal has sought an urgent funding of Rs 750 crore from its equity partner Etihad, citing “the very precarious” position of the airline following the lingering cash flow issues which got amplified after the forced grounding of over 50 of its planes.
In a letter to the Gulf-based carrier’s group chief executive Tony Douglas, Goyal also said the airline has also secured the go-ahead from the aviation ministry to pledge its shares in JetPrivelege for securing the interim funding.
The airline holds 49.9 percent stake in the loyalty programme, while the majority is with Etihad. It can be noted that Etihad board is meeting in Abu Dhabi Monday to discuss the resolution plan for Jet in which it owns 24 percent stake since April 2014.
