Jet Airways concludes USD35m prepaid ticket purchase agreement with Jet Privilege

Jet Airways, via a spokesperson, reported it “concluded a prepaid ticket purchase agreement for USD35 million” with its frequent flyer programme Jet Privilege Private Limited (JPPL) (TNN/Financial Express/Bloomberg Quint/Economic Times/Business Standard/The Hindu BusinessLine/NDTV/ANI News, 04/05-Oct-2018). The spokesperson stated: “JPPL regularly purchases these tickets to offer its members against redemption of miles hence the said transaction is no different and is done under normal course of business between Jet Airways and JPPL”. Etihad Airways holds a 50.1% stake in JPPL and a 24% stake in Jet Airways. Etihad Airways reportedly issued a stated to confirm it “proposed a financial restructuring and support plan for Jet Airways that was approved by its majority shareholder. This plan includes a USD35 million cash pre-purchase payment to Jet Airways by Jet Privilege, which is majority owned by Etihad Airways”.