Etihad Airways owns 50.1 percent of Jet Privilege, while Jet Airways holds the remaining stake.
US-based Blackstone Group is in talks to purchase a stake in the loyalty programme of cash-strapped Jet Airways, a Bloomberg report says quoting sources.
Blackstone’s offer could value JetPrivilege at about Rs 3,000-4,000 crore, sources told the news agency.
Etihad Airways owns 50.1 percent of JetPrivilege, while Jet Airways holds the remaining stake. Etihad had bought the stake in 2013 for about USD 150 million.
The proposed deal could see both Etihad Airways and Jet Airways continue as investors in Jet Privilege, the report said.
Moneycontrol could not independently verify the news.
In a statement on Monday, Jet Airways said that reports to monetise its share in JetPrivilege are "purely speculative".
The JetPrivilege loyalty programme allows customers to accumulate air-miles by flying. The air-miles can be used to buy tickets or clothes and groceries from partner merchants.
There is no certainty that the negotiations will result in an agreement, and other offers could emerge for a stake in the loyalty programme, sources told Mint.
The airline has been implementing cost-cutting measures and trying to raise funds as it struggles to continue operations.
The company has delayed announcing its results for the June quarter.Banks are also waiting for auditors to endorse the airline’s financial results, the Bloomberg report said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.