Mumbai: Jet Airways (India) Ltd has secured fresh credit facilities of ₹2,050 crore from state-run Punjab National Bank (PNB) that could provide a temporary lifeline to the cash-strapped airline. The Mumbai-based airline has raised foreign currency term loans worth ₹1,100 crore and a non-fund based credit facility of ₹950 crore from PNB, according to loan documents, copies of which were reviewed by Mint.
Although the documents mention that Jet Airways will use the credit facility for its working capital needs, a person directly aware of the airline’s plans said on condition of anonymity that the money would be primarily used to pay rental dues to aircraft lessors and salary arrears.
