Mumbai: Beleaguered carrier Jet Airways on Thursday said that it has received around Rs 258 crore from Jet Privilege, its customer loyalty programme, for advance ticket sale. The fresh funding comes as a lifeline to the Naresh Goyal-promoted full service carrier, which has been in financial turbulence amid losses, caused by high jet fuel prices, rupee depreciation and inability to raise fares due to cut-throat competition.
Jet Privilege, which has got millions of members, is majority owned (50.1 per cent rpt 50.1 per cent) by its equity partner Etihad Airways, which also owns 24 per cent in the carrier. The rest of the equity is held by the airline. “Jet Privilege concluded a prepaid ticket purchase agreement for $35 million with Jet Airways, under normal course of business,” an airline spokesperson said.