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Jet Airways nears funding deal with Etihad: CNBC-TV18

Reuters 

(Reuters) - Debt-laden Indian carrier Ltd is close to finalising a deal under which shareholder will inject fresh funds, channel CNBC-reported late on Tuesday, citing sources.

Jet founder and has assured the airline's pilot union that the funding, which will likely result in route restructuring and more flights to Abu Dhabi, could take place as early as mid-December, the channel said.

Goyal has also assured pilots that there will be no delays in salary payments from April 1, according to the channel.

Jet Airways, which is struggling to cut costs and stay afloat, has delayed salary payments to employees and is trying to raise money by selling a stake in the and its loyalty programme. The is cutting flights on some routes and increasing frequencies on others to boost profits.

CNBC-also said that Jet's talks with conglomerate for a rescue deal have hit a road block over demands that JetLite, its low-cost airline, be shutdown.

Neither Jet nor Etihad immediately responded to Reuters' emails seeking comment.

(Reporting by in Bengaluru; Editing by Kirsten Donovan)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 20:37 IST
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