Jet Airways to clear Rs1000 crore of debt annually
03 Feb 2011
Mumbai: Jet Airways (India) Ltd, India's top private airline by market share, plans to repay about Rs1000 crore of debt each fiscal and will seek to prepay some of its high-cost rupee debt, officials said Thursday.
The company is looking to prepay its high-cost Indian rupee debt, amounting to between Rs2000-3000 crore, "at the earliest," Jet officials said in a conference call with analysts.
Jet Airways has a total debt of around Rs13,000 crore.
The airline is awaiting approval from the Foreign Investment Promotion Board ( FIPB )) to raise up to $400 million (Rs1821 crore) from a share sale to foreign institutional investors.
On Wednesday, Jet Airways had reported an 11.3 per cent rise in third quarter net profit, resulting from higher demand for air travel in India.
Jet officials said Thursday the airline expects to improve margins in both domestic and international operations by 2-3 per cent going ahead.
Next fiscal, the airline also plans to start new international routes to destinations in Europe and the Far-East, officials said.