India's Jet denies it is looking to sell stake to Temasek

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Loss-making Indian carrier Jet Airways has denied it is looking to sell a 10% stake to the Singapore Government's investment arm Temasek Holdings.

Reports in India, citing unnamed sources, have said Jet is in advanced negotiations to sell a 10% stake to Temasek for Rs2.5 billion ($50 million) but in a brief statement to the Bombay Stock Exchange the carrier says the reports are incorrect.

Jet has been losing money and is looking to shore up its finances by raising cash.

But Temasek is a major shareholder in Singapore Airlines and India's government opposes foreign carriers buying stakes in Indian carriers.