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 lingering cash flow issues.
The Etihad board is meeting in Abu Dhabi on Monday to decide on certain crucial issues. Jet on Monday defaulted on the part-repayment of its external commercial borrowings because of a liquidity crunch. Specific details about the borrowings were not disclosed.
On Sunday, media reports said Jet had secured a Rs 2,050-crore loan from PNB. This is now denied. This makes its plea to Etihad for an immediate release of Rs 750 crore even more desperate.
