Mumbai: Unable to pay for a Bandra Kurla Complex (BKC) plot it had purchased in 2008 despite several extensions, Jet Airways is now scouting for partners to jointly develop the land.
The airline has approached the Mumbai Metropolitan Region Development Authority (MMRDA), which is the special planning authority for BKC, seeking more time to make the payment of Rs 826 crore. If there is a delay in payment, the MMRDA will charge Jet an interest of 14 per cent annually, which works out to be more than Rs 343 crore.
“They had previously asked for an extension till March 2012. We have not taken a decision on whether to give them more time,” said Rahul Asthana, metropolitan commissioner at the MMRDA.
19/03/2012 Financial Express
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