News: Jet Airways to raise $800 mn locally

(DNA 21/02/2007) Mumbai - Jet Airways, which needs to raise $800 million by way of equity or quasi equity to part finance its $2.5 billion aircraft acquisition plan, would most likely raise the amount locally, a senior company official said on Thursday.

"It's easier to raise money in the domestic market. The debt portion has already been tied up and we will now have to begin work on the equity portion. We have time till July for this," said the company official.

He didn't disclose the amount of debt that has been tied up or the capital that would be raised through equity offering. The company is still undecided on the mode of offering, be it rights and/or public, or invite strategic or financial investors, he said.

Jet Airways has 20 firm and 20 optional aircraft orders to fuel its domestic and international network expansion plans.

Meanwhile, the Jet Airways on Tuesday launched mobile ticketing initiative, under which a traveler can book his tickets using his GPRS-enabled mobile phone. Currently the facility is open only for Hutch users for domestic air travel.