Mumbai: Etihad Airways PJSC, which owns a 24% stake in Jet Airways (India) Ltd, has set several conditions before its next round of proposed investment in the cash-strapped airline. The infusion of fresh funds, will, however, be subject to approval from the Etihad board of directors.
According to the memorandum of understanding (MoU) for the Jet-Etihad deal, 15% of the total share capital of Jet Airways loyalty programme, Jet Privilege Pvt. Ltd, pledged by Jet Airways to HSBC as security for a $150 million loan, will have to be made available to Jet Airways.
Etihad has also sought completion of the ₹4,000 crore interim financing as per terms agreed upon by Etihad, Jet Airways founder and chairman Naresh Goyal and a group of lenders led by the State Bank of India (SBI), before it makes a fresh investment in the Mumbai-based carrier.
