Etihad in Rescue Talks With Bankers for India's Jet Airways

Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday. Executives of the airlines met State Bank of India officials in recent days to discuss Jet's cash flow and business plan, two of the people said, the International New York Times reported on a Reuters story. One said Jet has outstanding dues of about $400 million (314.29 million pounds), mainly owed to lessors and vendors. Abu Dhabi-based Etihad is also considering raising its stake above the 24 percent it has held since 2013, said one of the people, who declined to be identified as the talks were private. Foreigners can own up to 49 percent of an Indian carrier. The news sent Jet's stock up as much as 3 percent in early trade before closing down 5.5 percent. Etihad declined to comment. Jet and State Bank of India did not respond to requests for comment. Read more