Banks’ consortium considering Rs 500 cr interim funding to Jet Airways: PNB

A consortium of banks is considering interim funding of Rs 500 crore for debt-laden Jet Airways but a final decision hasn’t been taken, said Punjab National Bank Managing Director Sunil Mehta on Friday.

PNB is part of the lenders’ consortium, which is led by State Bank of India (SBI), that has given loans to the airline. Jet is looking to raise funds and restructure its debt.

Mehta said the consortium is looking at the entire process and something is being worked out.

“Of course, (the) consortium is in favour (of interim funding). It is a going concern and we would like to preserve its (airline’s) value,” he said.