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Jet Airways to get funding from NIIF

Gayathri Udyawar
/ Categories: DSIJ Mindshare, DSIJ News
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Jet Airways to get funding from NIIF

NIIF is a fund anchored by the government of India in partnership with institutional investors including the Abu Dhabi Investment Authority. The fund is slated to acquire 19 per cent stake in Jet Airways post the restructuring.

National Investment and Infrastructure Fund Limited (NIIFL) manages more than US$ 3 billion of capital. NIIF may invest Rs. 1,400 crore in the airline for more than 19 per cent stake. 

Jet Airways has a debt of approximately Rs. 10,900 crore. The airline is experiencing severe liquidity crunch and has defaulted on some loan repayment and has problems paying its staff salaries. 

For Q3FY19, the company registered the fourth consecutive loss for a quarter. The company's net loss was Rs. 587.8 crore compared to Rs. 165.3 crore profit in the same quarter last year. Revenue was at Rs. 6,148 crore, up by 1 per cent.

At 14:42 hours, the stock of Jet Airways was quoting Rs. 233.90 per share, up by 0.58 per cent on Monday. The stock opened at Rs. 239.00 per share and saw a high of Rs. 245.90 and a low of Rs. 232.80 per share. 

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