Monday, September 03, 2018

Jet Airways to focus on cost cutting after receiving $300 million as liquidity support: last week in business

As debt worth Rs 86 billion weighs down on Jet Airways, there might be light at the end of the tunnel for the airline carrier. The distressed firm has received $300 million as liquidity support in the form of advance lease incentives and borrowings from domestic banks. The Naresh Goyal led business is in serious troubleshooting mode and have come up with a plan to reduce costs by almost Rs 20 billion by 2020. With capital infusion and debt reduction being the need of the hour, the firm intends to curtail its expenses by improving inventory management, pricing policy and cashing in on the JetPrivilege loyalty programme that has over 8.5 million customers enrolled.
03/09/18 Abhiruchi Ranjan/Qrius
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