Explorer

Jet Airways denies stake sale, allays fears of debts

New Delhi (India), Aug 14 (ANI): Jet Airways on Monday brushed off reports of a possible stake sale and also put to rest questions on rising debts that raised concerns on its ability to keep the airline flying.

"There have been no delays in discharging any of our loan obligations to any of the lenders. In fact, our Bankers have issued a certificate to this extent at periodical intervals. The company further clarifies that over the last several years, there have been no instances of default in meeting its debt obligations," a spokesperson issued a statement.

Jet Airways is reportedly suffering heavy losses and has been passing through a tough phase primarily due to increase in crude oil rates as well as depreciating Indian rupees.

However, the spokesperson said that the company has been pro-actively working on multiple revenue enhancement and cost-cutting measures, which have already started delivering results.

"The company is uniquely positioned in the aviation sector. From participating in the UDAN scheme to providing seamless connectivity, have 225 state of the art fuel-efficient aircraft to pressing for more improvements in our services, we are going quite strong. And the relationship with our strategic partner - Etihad Airways is very strong and continues to grow further," he said.

Denying reports that the carrier might offload its JetPrivilege stake to weather financial obstacle, the spokesperson further said, "Jet has been evaluating various funding options to meet its liquidity requirements on priority. The recent news on stake sale by Jet as well as any move to monetize its investment in the frequent flier program - Jet Privilege is purely speculative." (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Maharashtra Polls: PM Modi’s 'Ek Hai, Toh Safe Hai' Remark After Adityanath's 'Batenge, Katenge' Slogan — WATCH
WATCH: PM Modi’s 'Ek Hai, Toh Safe Hai' Remark After Adityanath's 'Batenge, Katenge' Slogan
Salman Khan Extortionist Is A Lawrence Bishnoi Fan, Demanded Rs 5 Crore Because...
Salman Khan Extortionist Is A Lawrence Bishnoi Fan, Demanded Rs 5 Crore Because...
IND vs SA 1st T20I Live Score: South Africa Win Toss, Choose To Bowl First In Series Opener
IND vs SA 1st T20I Live Score: South Africa Win Toss, Choose To Bowl First In Series Opener
‘Forgive Me If I Ever...’: CJI DY Chandrachud Delivers Final Speech, Bows Out Of Supreme Court Bench
‘Forgive Me If I Ever...’: CJI DY Chandrachud Delivers Final Speech, Bows Out Of Supreme Court Bench
Advertisement
ABP Premium

Videos

Marshals Remove BJP Legislators from J&K Assembly Amidst Growing TensionsAnchor Silences NC Spokesperson Over Article 370 and 35A Debate | ABP NewsJ&K Assembly: Dramatic Images Show BJP and Ruling Party MLAs in Heated ScuffleClash in J&K Assembly: Cameras Capture Khursheed Ahmad Sheikh’s Scuffle with BJP MLAs
Embed widget