DELHI
Jet Airways (India) Ltd chairman Naresh Goyal has warned employees that the airline needs to cut costs as it combines its network with that of Abu-Dhabi-based Etihad Airways PJSC, which has bought a 24% stake in Jet.
The warning comes after Jet announced a record loss of nearly Rs.1,000 crore in the September quarter and analysts said that a major part of the infusion from Etihad may have been wiped out.
The deal was worth $900 million (around Rs.5,616 crore today)—$379 million in equity in the airline, $150 million in equity in Jet Airways’ frequent flyer programme, $70 million from the sale and leaseback of three pairs of Heathrow airport slots and $300 in million debt financing.
Full report here Mint
