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Proposals to be invited from April 6 to sell stake of Jet Airways

By HindusthanSamachar | Publish Date: Apr 5 2019 1:28PM
Proposals to be invited from April 6 to sell stake of Jet Airways
New Delhi, Apr 05 (HS): Jet Airways, which is experiencing liquidity and cash crunch, has invited proposals from potential investors on Saturday to buy the stake in the company. Meanwhile, Civil Aviation Secretary Pradeep Singh Kharola said that the Jet Airways Company in the private sector, has 26 aircrafts in the private jet fleet, which is sufficient to meet international flight operating standards. Under SBI, a group of lenders reviewed the current status of Jet Airways which is struggling with cash crunch. After this, the timeframe has been set to sell the stake of Jet. The financial consortium, lending Jet Airways, said that proposals will be invited for stake-selling from April 6. The final date for submission of these proposals will be April 9. According to the statement issued, lenders know that the outcome of this effort will be dependent on the interest of the parties in buying shares of the company. It has also been said that every possible effort will be made to sell the stake, but if it does not have any unanimous result then the other options will be considered. In light of the debt, the banks have taken Jet Airlines under its control. There is a debt of around Rs 8,500 crore on Jet Airways. Banks have made it clear that unless there is a concrete plan, new loans will not be available. UAE''s Etihad Airways has a 24 per cent stake in Jet Airways. Hindusthan Samachar/Prajesh/Bharati/Ram\
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