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 Abu Dhabi-based carrier’s group chief executive Tony Douglas, Goyal said the airline has also secured the go-ahead from the civil aviation ministry to pledge its shares in JetPrivelege for securing the interim funding. The airline holds a 49.9% stake in the loyalty programme, while the majority is with Etihad.
The Etihad board met in Abu Dhabi on Monday to discuss the resolution plan. However, the outcome of the meeting was not known till the time of going to the press .
