The Modi government has sought help from Tata Sons to rescue cash-strapped Jet Airways, Bloomberg reported, citing sources.
According to the report, the conglomerate is in talks with the government about a haircut to state-run banks on Jet’s loans as part of the plan. The Airports Authority of India may also let go of some of its dues, a source told Bloomberg.
However, the structure of the deal has not been finalised, added the sources, as per the news agency.
CNBC-TV18 earlier reported that a merger of Jet Airways and Singapore Airlines-Tata joint venture airline Vistara is also on the cards. The plan is likely to be discussed on Friday.
Any investment by Tata Sons will put the group on the top position of the aviation sector, which is currently dominated by IndiGo.