November 14, 2008

Jet Airways Obtains INR10 Billion Loan From Abu Dhabi Fund

India's private carrier Jet Airways has bagged a loan of INR10 billion from the Mubadala Development Co, an Abu Dhabi-based investment company. The financial terms of the deal were not disclosed.

Jet Airways has said that the loan will help fund the working capital needs and expansion plans of the company. The influx of funds is expected to aid the airline which is seeking additional funds to tide over the financial constraints caused by overdues to the state-owned oil marketers, airport authorities and operators.

The loan from Mubadala may also help the company in its expansion plans. Jet Airways has previously placed orders for 10 Boeing 777-300ERs, which cost around INR40 billion.