Jet Airways (9W, Mumbai Int'l) has reportedly approached global private equity funds, including Blackstone, TPG, and Indigo Partners, to raise USD350-400 million in fresh capital to help it survive a cash crunch, The Economic Times has reported.

Indigo Partners already has stakes in a number of LCCs around the world, including Wizz Air, Frontier Airlines, Volaris, and JetSMART. Jet Airways could potentially become the group's maiden investment in a full-service airline.

The new investment would most likely be completed through a new share issuance. Jet Airways' current market capitalisation stands at around USD450 million. As such, if the airline succeeds in its bid to raise up to USD400 million from the funds, it would lead to the halving of current shareholders' stakes.

Jet Airways has also reportedly approached its code-share partner Delta Air Lines over a potential investment. The Indian airline's main foreign equity partner, Etihad Airways, which owns a 24% stake, is unwilling to inject more capital after it had lost billions of dollars on its other failed overseas ventures, mostly in airberlin group and Alitalia.

The Indian carrier is also looking at selling its frequent flyer programme, in which Etihad Aviation Group holds a 50.1% stake. The programme, Jet Privilege, could be worth up to USD1.1 billion.

The news surfaced shortly after Jet Airways postponed the publication of its financial results for the quarter ended in June without giving any reasons.

Earlier in August, local Indian media reported that the airline was facing an imminent cash crisis as it only had means to stay afloat for a further 60 days. Jet Airways has since denied it is facing impending insolvency.

Jet Airways has been struggling financially for a number of years, posting a net loss for nine out of the last eleven years. In 2017, it lost INR6.4 billion (USD93.1 million), including its subsidiary JetLite. The situation at the airline got worse recently due to the soaring fuel prices and overcapacity in the Indian market.

The carrier had a total debt of INR81.5 billion rupees (USD1.2 billion) as of March 31, 2018, of which nearly INR60 billion (USD858 million) is due for repayment by March 2019.