The Naresh Goyal-promoted Jet Airways has initiated a formal stake-sale process to raise $350-400 million from global private equity firms, The Economic Times reported.

The airline has approached Blackstone, TPG and Indigo Capital Partners, among others, the report said citing multiple people aware of the developments.

Jet Airways has also been tapping airline partners, primarily Delta Air Lines, for funds, the sources said adding that Etihad is reluctant to invest more.

The report comes amid the airline deferring the announcement of its June quarter earnings without giving any specific reason.

Jet Airways, in which Gulf carrier Etihad holds 24 percent stake, is grappling with financial woes and its share price has also taken a beating in recent weeks.

First Published:Aug 13, 2018 9:06 AM IST