Jet Airways India Ltd, the beleaguered carrier that’s in the midst of bailout talks with its partner and lenders, is set to get an emergency loan of as much as Rs 600 crore ($85 million) to help it tide over a cash crunch, according to people familiar with the matter.
Banks, led by State Bank of India, 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, one of the people said.
