India's Jet reportedly in talks to sell stake to Singapore's Temasek

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Loss-making Indian carrier Jet Airways is seeking to raise cash and one of the avenues it is reportedly pursuing is to sell a stake to the Singapore Government's investment arm Temasek Holdings.

Reports in India, citing unnamed sources, say the carrier is in advanced talks with Temasek to sell a 10% stake for Rs2.5 billion ($50 million).

There are also some reports in India today, quoting from an unnamed Jet executive, saying the airline is in talks with the Abu Dhabi Government's investment company Mubadala Development to borrow Rs10 billion.

Officials at Jet and Temasek were unavailable for comment.

Jet has been seeking to raise cash because it is losing money and in October posted a second-quarter loss of Rs3.84 billion.

High fuel prices and overcapacity in the face of falling passenger demand has hit the carrier hard.

Temasek is a major shareholder in Singapore's national carrier Singapore Airlines.