Corporates

Jet Airways has a debt of over Rs 8,200 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.

The industry reaction comes even as the airline's case is being viewed by top government officials.

IL&FS Transportation Networks is a subsidiary of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS), which the government took control of in October, citing the need to protect the country's financial system and markets from a potential collapse.

The European Commission aims to wrap up its antitrust investigation into the tie-up of Tata Steel and Thyssenkrupp by May 13.

Jet has more than $1 billion in debt, and owes money to banks, suppliers, pilots and lessors, some of whom have started terminating leases with the airline

Reliance is among the biggest buyers of Venezuelan oil, although the company has recently said it has not increased crude purchases from Venezuela.

The apparent jostle of pilots to get out of Jet Airways comes as the airline's lessors offered 50 of its Boeing aircraft to SpiceJet.

Cash-strapped Jet Airways, which is looking to raise fresh funds, has grounded at least 47 planes due to non-payment of lease rentals.

Jet Airways is headed by Naresh Goyal, who currently holds 51 per cent stake. Abu Dhabi-based Etihad Airways has 24 per cent

SBI chairman Rajnish Kumar said that talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing.

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Shares of SpiceJet rose as much as 7.2 per cent on Wednesday in their biggest percentage gain since December 18 as investors bet the airline could take advantage of Jet Airways' woes.

The company has 41 planes available, according to a statement released by the Directorate General of Civil Aviation after it reviewed Jet Air's performance in New Delhi Tuesday.

The company will issue shares at Rs 12.50 apiece, it said in a statement.

Jet Airways is regularly grounding its aircraft as it is unable to pay the dues to its lessors.