Jet Airways: Initiated a formal stake-sale process to raise $350-400 mn

Cash-strapped Jet Airways which was forced to delay its earnings announcement and is under watch over debt repayments, has initiated a formal stake-sale process to raise $350-400 million from global private equity firms. Approaches have been made to bulge-bracket funds including Blackstone, TPG and Indigo Capital Partners, said multiple people aware of the ongoing discussions.