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We are not bailing out India’s Jet Airways, says UAE’s Etihad

Bailout. UAE’s Etihad Airways has dismissed rumours that it is offering to bail out troubled Indian carrier, Jet Airways. (BUSINESS TRAVELER PHOTO)

ABU DHABI – United Arab Emirates (UAE)’s Etihad Airways and Jet Airways on Wednesday January 16 dismissed reports by Indian media about UAE’s airline’s offer to buy more shares of the troubled Indian carrier in a $35 million instant bailout deal as speculative.

Khaleej Times reports that when asked to comment on the reported offer to pick up shares of debt-laden Jet Airways, the Etihad spokesperson said: “Etihad does not comment on rumour or speculation.”

Earlier in the week media reports said that Etihad had offered increase its stake in the Indian airline from a 24 per cent shareholding.

Speaking to the daily in UAE, a Jet Airways spokesman said the carrier has undertaken a series of initiatives to enhance economic performance, efficiency and productivity. He added: “The company continues to work on various other cost cutting measures, debt reduction and funding options including infusion of capital, monetization of assets including the company’s stake in its loyalty programme, in consultation with various key stakeholders.”

On Wednesday January 16, Jet Airways said in India that it is in talks with its lenders to resolve its debt problems.

Earlier reports in Indian media had claimed that Etihad wants Jet’s founder and Chairman Naresh Goyal to step down from the Board and his stake to be slashed to 22 per cent from 51 per cent.

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