SBI and PNB are taking the initiative to fund ₹500 crore in case of emergency to Jet Airways.
SBI is the largest airline lender for Jet Airways, as the airline owes ₹2000 crore to the bank.
Jet Airways posted its fourth consecutive loss in October-December phase, a loss of ₹588 crore was noticed.
SBI and PNB are taking the initiative to fund ₹500 crore in case of emergency to Jet Airways.
The money given to the aviation industry will be a relief for them and to carry out their further operations.
SBI is the largest airline lender for Jet Airways, as the airline owes ₹2000 crore to the bank.
Earlier this month, SBI official said bank convert the debt into 114 million shares by giving Re one token based on RBI guideline. Thus the lender will own a 50.1% share in the company.
Jet Airways posted its fourth consecutive loss in October-December phase, a loss of ₹588 crore was noticed.
Taking into being, the earnings before interest, tax, depreciation fell to 54.33% to ₹459.50 crore against ₹1,006.30 crore a year ago.
Many flights seem to be withdrawn as a measure of Cost Saving.
