India's government has asked state-run banks to rescue privately held Jet A...
NEW DELHI - India’s government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.
Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported. The world’s biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term.
If the government’s plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank as well as NIIF would together own at least a third of the airline until they find a new buyer.India’s finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment.Most companies in Jet’s financial condition would be placed by creditors into India’s new bankruptcy process, two bankers said.
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