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Published on Sunday, August 5, 2018

Jet Airways denies plans to sell stake

Jet Airways has denied it is planning a stake sale to prop up the business and rebuffed talk that it could be weeks away from running out of money.

Speculation has been rife that the airline's cash reserves are almost depleted and that Jet is proposing to cut pilot salaries by as much as 25%.

CEO Vinay Dube says it is nothing but idle speculation.

"Jet Airways India Limited would like to clarify that recent media reports about the sustainability of the airline are not only factually incorrect, but also malicious. The airline would also like to deny any conjecture of a stake sale," Dube said in a statement.

"Indian aviation is experiencing strong growth and Jet Airways is well placed to be a part of this growth story.

"The airline is committed to creating a growth-oriented and sustainable future."

The airline confirmed there is significant cost cutting measures taking place and acknowledged part of it involves the staff payroll.

Jet is also looking to cut out unnecessary costs in sales and marketing and maintenance operations.

"Jet Airways has been in existence for over 25 years and through the years has been successful in combating such business volatility," the statement added.

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