Jet Privilege stake sale struggles to take flight
Private equity firms Blackstone Group and TPG Capital are having second thoughts on purchasing Jet Privilege due to worries over Jet Airways' financial health
Mumbai: Private equity (PE) giants Blackstone Group LP and TPG Capital, which are eyeing a stake in Jet Privilege Pvt. Ltd, the loyalty programme of Jet Airways (India) Ltd, are having second thoughts due to worries over the airline’s financial health, said three people directly aware of the matter. Both PE firms have already offered indicative term sheets valuing Jet Privilege at close to $900 million, but they realize that the future of this business depends largely on how well Jet Airways runs its overall operations, the people cited above said on condition of anonymity.