Jet Airways sought Rs.400 crore infusion to avert shutdown

Last Updated: April 18, 2019

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Jet Airways sought Rs.400 crore infusion to avert shutdown
18 April 2019 Current Affairs: The Jet Airways board authorised its management, headed by chief executive officer Vinay Dube, to engage with lenders to secure at least a few hundred crore rupees of interim funding to continue operations till a new owner comes on board. The board also authorised the CEO to take the final call on the airline’s operations.
Armed with this, the CEO approached the lenders to release Rs.400 crore for the sake of the employees and to prevent a shutdown. Jet requires at least Rs.1,000 crore to meet its immediate needs.
In view of the critical liquidity position of the company, its operations have been severely impacted. It is awaiting emergency liquidity support from the consortium of domestic lenders led by the State Bank of India.

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