Jet Airways poised to get emergency loan

The fund infusion would come as a lifeline for Jet Airways, that has defaulted on interest payments, delayed salaries and grounded multiple aircraft in its struggle to stay afloat

Jet Airways India Ltd, which is in the midst of bailout talks with its partner and lenders, is set to get an emergency loan of as much as ₹6 billion ($85 million) to help it tide over a cash crunch.

Banks, led by State Bank of India (SBI), plan to provide the funds against shares pledged by founder and Chairman Naresh Goyal and partner Etihad Airways PJSC and backed by their guarantees, the people said, asking not to be identified before a public announcement. The disclosure is likely to be made after Jet Airways extraordinary shareholder meeting scheduled for February 21, a source said.