Jet Airways would be coming up with its rights issue of $400 million by December 2007 or January 2008, Mr Naresh Goyal, Chairman of Jet Airways, told the shareholders at the company’s AGM.

On the decision to defer the rights issue from its original date in October 2007, Mr Vic Dungca, Director, told newspersons, “We were all ready to launch it but then the sub-prime market crisis started in US and spread to overseas markets too. We were told that banks are rethinking their strategy but they are coming back now and it would not be too long before we finalise.” Regarding the pricing of the rights issue, Mr Dungca said, “We will have to think about it because its related to the prevailing market conditions.”

Cargo airline

Speaking on Jet’s plans to start a cargo airline, Mr Goyal said the venture should take off by next year. With regard to a partner for the venture, he said the company would keep all its options open. He, however, denied that it had any plans of partnering with any domestic player.

Jet is also in talks with an Australian airline Qantas for pilot training, said Mr Goyal. The airline already has a code sharing agreement with the Australian carrier. Jet also plans to fly Mumbai-Shanghai-San Francisco by February 2008.