Is Jet Airways worth USD520 million? Temasek circles for 10% stake
The cash flow crisis gripping India’s airlines is intensifying. Market leader, Jet Airways, is reported to be in negotiations to raise over USD260 million in fresh equity and debt to help it survive the Winter. The reported sources of the fresh funds are, unsurprisingly governments – Singapore’s Temasek Holdings (which may take a 10% stake in the form of a fresh issue of shares, for USD52.4 million), and Abu Dhabi investment arm, Mubadala Development Company, which is rumoured to be finalising a USD210 million loan agreement with Jet.
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