New investor likely within 2-3 months: Jet Airways CEO

Last Updated: Wed, Dec 05, 2018 19:11 hrs
JET Airways

Cash-strapped Jet Airways could get a fresh investor in the next two-three months. A report on Wednesday quoted officials as saying that. These officials had attended an event where senior management functionaries from Jet including CEO Vinay Dube had taken part. The meeting was held on Nov 26.

The meeting also had members from Pilots Union and the National Aviator's Guild. Dube reportedly informed during the meeting that an investor was likely to join the board soon. Although Dube did not name the investor, there was an emphasis on receiving cash infusions soon.

Jet's net debt stands at Rs 8,052 crore as of end-September. In August, the airline's board approved a turnaround plan, which includes cutting costs by over Rs 2,000 crore over two years, leveraging its stake in loyalty programme Jet Privilege Pvt. Ltd, improving pricing and capital infusion.

Jet's cash-issues had lead aviation consultancy firm CAPA to claim in its mid-year Aviation outlook , "Restructuring of Jet Airways must address the long-standing neglect of its domestic operations and find permanent fixes; a change of ownership may be necessary to secure Jet's long-term viability."

With Agency Inputs