India's government has asked state-run banks to rescue privately held Jet A...
NEW DELHI - India’s government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.
Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported. The world’s biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term.
If the government’s plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank as well as NIIF would together own at least a third of the airline until they find a new buyer.India’s finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment.Most companies in Jet’s financial condition would be placed by creditors into India’s new bankruptcy process, two bankers said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Some lessors to end deals with Jet, prepare to fly planes out of India - sourcesSome lessors of India's Jet Airways have begun terminating lease deals over...
Read more »
India grounds Boeing 737 MAX planes; Jet, SpiceJet shares fallIndia is grounding U.S. planemaker Boeing Co's 737 MAX aircraft immediately...
Read more »
Ethiopian jet asked permission to climb then vanished: sourceEthiopian Airlines flight 302, which crashed killing 157 people, had an unusuall...
Read more »
Ethiopian jet's cockpit recorder data successfully downloaded: BEAData from the cockpit voice recorder of the Ethiopian jet that crashed last week...
Read more »
Experts begin examining Ethiopia jet cockpit recorderInvestigators hunting for the cause of the crash of an Ethiopian Airlines plane ...
Read more »
Investigators start studying Ethiopian jet's voice recorderPARIS (AP) — Investigators have started studying the cockpit voice recorder of the crashed Ethiopian Airlines jet. The French air accident investigation agency BEA tweeted that technical...
Read more »
How a 50-year design came back to haunt Boeing with its troubled 737 Max jetCompromises required to push forward a more fuel-efficient version of Boeing's 737 — with larger engines and altered aerodynamics — led to the complex flight control software system that is now under investigation in two fatal crashes over the last six months.
Read more »
Boeing groundings put U.S.-China trade-linked jet order in limboChina's move to ground Boeing Co's 737 MAX jetliners following the dea...
Read more »
Ethiopia crash may test Boeing's success in defeating U.S. lawsuits: legal expertsThe crash of Boeing Co's 737 MAX 8 passenger jet in Ethiopia raises the cha...
Read more »