Jet Airways to repay Rs 10 billion of debt each year

Mumbai: Jet Airways (India) Ltd, India's top carrier by market share, plans to repay about Rs 10 billion of debt each fiscal and is also looking to prepay some of its high-cost rupee debt, officials said on Thursday.
The company is looking to prepay its high-cost debt amounting to between 20 billion to Rs 30 billion of Indian rupee debt, "at the earliest," Jet officials said in a conference call with analysts.
Jet Airways has a total debt of around Rs 130 billion. The airline is awaiting approval from the Foreign Investment Promotion Board ( FIPB )) to raise up to $400 million from a share sale to foreign institutional investors.
On Wednesday, Jet Airways had reported a 11.3 per cent rise in third quarter net profit helped by an increase in air traffic.
A wealthier middle class, driven by an economy that is growing at about 8.5 per cent a year, has lifted demand for air travel in India.
04/02/11 Reuters/Economic Times

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Categories: Jet Airways Feb 2011