Jet Airways ‘in active discussions with various investors’: CEO

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Kolkata | November 20, 2018 8:56 PM

Jet Airways Tuesday said it was in active discussion with various investors to secure sustainable financing.

There had been round of buzz that Tata Sons, the holding company of Tata Group was carrying out a due-diligence on Jet Airways.

Jet Airways Tuesday said it was in active discussion with various investors to secure sustainable financing. “We are in active discussions with various investors to secure sustainable financing to navigate through the current headwinds and create long-term growth. There is interest in our strong brand and confidence in our business turnaround efforts,” Jet Airways CEO Vinay Dube said in a letter to its passengers.

There had been round of buzz that Tata Sons, the holding company of Tata Group was carrying out a due-diligence on Jet Airways. Tata Sons in its reaction has said, “We would like to clarify that any such discussions have been preliminary and no proposal has been made.” Jet in the Q2FY19′ has posted a net loss of Rs 1,261 crore owing as the tough operating environment for the aviation industry continues to impact.

He, however, told its customers that the airline will navigate through these challenging times and work towards our long term growth and profitability. Dube said airline has reviewed its network and was deploying aircraft on more profitable, productive and economically efficient routes.

“With the peak season upon us, I am optimistic about our ability to build and accelerate revenue momentum even as we continue to review and improve our network,” he said in the letter.

“Jet Airways will take delivery of another 6 new Boeing 737 MAX aircraft this fiscal and will leverage the same for better cost efficiency,” he added.

Adding further Dube said, “we have launched new services such as the Mumbai – Manchester non-stop flight and will soon be inaugurating our first daily, direct service from Pune to Singapore, as well as adding services and frequencies on select routes such as Bangkok, Doha, Dammam, Dubai, Kathmandu and Singapore from our hubs.”

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