The embattled Jet Airways is in discussions with the State Bank of India for raising Rs 1,500 crore short-term loan to meet its working capital requirement and some payment obligations , according to a source as reportedly by PTI.
Jet Airways strategic partner and Middle-east carrier Etihad, which holds 24 % stake in the Indian full service carrier, is likely to provide guarantee for the loan, he said.
Significantly, the talks for availing loan are going on at a time when EY is carrying out a forensic audit of the Jet Airways on the orders of the airline’s largest lender for alleged irregularities.
The Naresh Goyal-controlled airline, which has posted three consecutive quarterly losses of over Rs 1,000 crore each since March, already has as much as Rs 8,052 of debt on its books as on September 30. Rating agency Icra has already cut the rating on Jet Airways borrowing programmes.