Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

IOC Resumes Fuel Supply to Cash-Starved Jet Airways

Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes.

PTI

Updated:April 5, 2019, 7:31 PM IST
facebookTwitterskypewhatsapp
IOC Resumes Fuel Supply to Cash-Starved Jet Airways
Representative image.

Mumbai: A major crisis was averted at the cash-starved Jet Airways after national oil marketing major IndianOil resumed fuel supplies to the airline, which was halted earlier in the day due to the non-payments, sources said on Friday.

The supply, which was stopped around noon was restored= at around 5 pm after airline assured the oil firm of payment of dues, sources told PTI.

"Indian Oil Corporation has resumed supply of aviation turbine fuel to Jet Airways following assurance of payments by the airline," said a source.

Earlier in the day, Jet Airways faced operational disruptions across major airports when IOC refused to refuel its planes without clearing the outstanding amount.

A Jet spokesperson did not comment on halting of fuel supplies.

A State Bank-led consortium of banks will soon take over the management of the airline under a debt-recast plan.

The once-second largest airline has drastically curtailed its operations since last month following severe cash crunch and is operating only 26 planes of 124 its fleet.

Under the new management structure banks will own 50.1% in Jet Airways by infusing an emergency fund of Rs 1,500 crore, which will then be converted into equity for a notional value of just Re 1 a share.

The airline, however, has yet received the much-needed fund due to some procedural glitches, according the bankers.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Bandhan Bank 623.70 9.67
HUL 2,064.40 2.49
Infosys 768.30 -2.26
RBL Bank 264.05 1.99
Maruti Suzuki 6,985.75 2.41
Company Price Change %Gain
Bajaj Consumer 195.55 -14.77
Future Life 413.10 2.71
Bandhan Bank 625.05 10.14
Federal Bank 85.40 2.58
Indiabulls Hsg 189.05 -4.47
Top Gainers
Company Price Change %Gain
Eicher Motors 19,199.10 4.75
Vedanta 153.50 3.86
Zee Entertain 250.70 3.21
M&M 583.40 2.59
Hero Motocorp 2,675.70 2.55
Company Price Change %Gain
Vedanta 153.45 3.79
M&M 584.60 2.83
ONGC 138.75 2.63
Hero Motocorp 2,677.90 2.63
Maruti Suzuki 6,987.70 2.47
Top Losers
Company Price Change %Gain
Bharti Airtel 383.65 -2.52
Infosys 768.30 -2.26
Bharti Infratel 256.95 -0.96
JSW Steel 219.65 -0.81
Tata Motors 126.95 -0.70
Company Price Change %Gain
Bharti Airtel 383.55 -2.53
Infosys 767.80 -2.27
Tata Motors 126.95 -0.67
HCL Tech 1,084.10 -0.27
Bajaj Finance 3,880.30 -0.03

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results