TPG Capital speaks in talks to invest in India & # 39; s Jet Airways sources

Private equity firm TPG Capital is considering investing in Jet Airways Ltd in India, but is not close to finalizing a deal, two well-informed sources said, a plan that could raise money for the besieged airline.

The investment could amount to more than $ 100 million, but the discussions are still at an early stage and the size of the deployment and the investment are not yet clear, according to the sources.

TPG declined to comment. Jet Airways did not respond to an e-mail that was looking for comments.

Jet Airways told the staff earlier this month that it had almost no money left, told a source to Reuters, but it denied this and said it is convinced that it is reducing costs and flying its planes.

Days later, Jet Airways expelled deferred revenues and airline shares fell to a three-year low, analysts said the company was in urgent need of recapitalization.

TPG is looking for a share in the frequent flyer loyalty program of Jet Airways and has appointed Morgan Stanley to advise on the possible deal, Mint reported earlier on Monday, stating sources.

The deal with TPG was able to estimate the loyalty program, Jet Privilege Private Ltd, at $ 400 million, according to the paper, adding that Jet will continue to work with Blackstone Group for a similar deal.

Blackstone and Morgan Stanley were not available outside office hours.

The airline, which is partially owned by Etihad Airways, had a net debt of 81.5 billion rupees ($ 1.16 billion) at the end of March. The courier has said that it is fulfilling all its payment obligations to lenders and is also looking for ways to save costs in order to make a healthier and more resilient company & # 39; to create.

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