Jet Airways to jointly develop BKC property with Godrej

Mumbai: In a move that could give it some breathing space, cash-strapped Jet Airways (India) Ltd is working on a three-way deal with the Godrej group’s real estate arm, Godrej Properties Ltd (GPL), to develop a 1.47-acre plot in Bandra Kurla Complex (BKC), a business district in suburban Mumbai, according to an investment banker and a real estate consultant. Both are advising the companies on the deal.
GPL will pay upfront cash to Jet Airways and absorb a certain portion of the debt that Jet Airways will raise to pay for the land. Both companies will also share revenues once the real estate is developed.
Two senior Jet Airways executives also confirmed the talks with GPL without divulging details. The GPL spokesman declined to comment for this story. The Jet Airways’ spokeswoman said the company “is still in discussion with parties as regards the BKC property”.
05/07/10 P.R. Sanjai & Baiju Kalesh/Live Mint

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Categories: Jet Airways Jul 2010