Jet Airways reassures investors with cost-cutting, fund raising plan

Jet Airways would invest in its business, cut costs in excess of 20 billion rupees in two years

India’s Jet Airways Ltd (JET.NS) on Tuesday set out to reassure investors it was taking measures to cut costs and boost revenue, a day after the beleaguered airline reported its second consecutive quarterly loss.

Jet, part-owned by Etihad Airways, has been facing financial difficulties but has said it is confident it can slash costs and keep flying, dismissing reports it had told staff it was running out of cash.

India is the world’s fastest-growing aviation market, but rising fuel prices, a weaker rupee and price competition has pulled down airline profitability. InterGlobe Aviation Ltd (INGL.NS), operator of the country’s leading carrier IndiGo,