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Last Updated : Apr 04, 2019 03:52 PM IST | Source: Moneycontrol.com

Top execs of SBI, Jet Airways at civil aviation ministry, efforts on to save airline

SBI Chairman Rajnish Kumar and Jet Airways CEO Vinay Dube are meeting officials at Civil Aviation Ministry

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A flurry of meetings is on at the office of Ministry of Civil Aviation, as efforts are being made to rescue distressed airline Jet Airways.

SBI Chairman Rajnish Kumar is expected to meet Civil Aviation secretary Pradeep Singh Kharola. Later, Jet Airways CEO Vinay Dube will brief Kharola.

The two may brief the media later on April 4.

The meetings take place, even as insiders warn that the airline is in its "last hours," and urgently needs fund infusion. While there is talk that the first tranche of the promised Rs 1,500-crore funding from banks has arrived at Jet, neither side has commented on it yet. Executives in the industry added that a second tranche could be transferred on April 5.

The meetings also happen a day after former Chairman Naresh Goyal said he has signed on the "dotted lines" to ensure the lenders transfer emergency funds to the company.

He said: "In extending my fullest respectful cooperation to the consortium of Indian lenders, I have agreed to each and every term and condition laid down by then in a timely manner."

In a sign of its deteriorating condition, the airline deferred March salary payment to its 16,000 employees. Until now, it had delayed payments only to its pilots, engineers and senior management. Pilots have threatened to go on a strike on April 15, if their dues are not cleared.

Jet Airways fleet has also reduced considerably, and the airline is now flying just 26 aircraft.
First Published on Apr 4, 2019 03:52 pm
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