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Jet Airways Gets Rs 258 Cr from Jet Privilege Prepaid Ticket Sale

Jet Airways said it received around Rs 258 crore from Jet Privilege for advance ticket sale.

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Beleaguered carrier Jet Airways on Thursday, 4 October, said that it has received around Rs 258 crore from Jet Privilege, its customer loyalty programme, for advance ticket sale.

The fresh funding comes as a lifeline to the Naresh Goyal-promoted full service carrier, which has been in financial turbulence amid losses, caused by high jet fuel prices, rupee depreciation and inability to raise fares due to cut-throat competition.

The cash cruch has forced the airline to delay salaries to its employees, while the management had taken a major cuts in their remunerations.

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Jet Privilege, which has got millions of members, is majority owned by its equity partner Etihad Airways, which also owns 24 percent in the carrier. The rest of the equity is held by the airline.

"Jet Privilege concluded a prepaid ticket purchase agreement for USD 35 million with Jet Airways, under normal course of business," an airline spokesperson told PTI.

The customer loyalty programme regularly purchases these tickets to offer its members against redemption of miles hence this transaction is no different and is done under normal course of business between Jet Airways and Jet Privilege, the spokesperson added.

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Topics:  Jet Airways   Etihad Airways 

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