Garuda Indonesia is in early talks with three different Middle Eastern carriers — Emirates, Etihad Airways and Qatar Airways — about setting up a possible partnership.
(Bloomberg) —
Garuda Indonesia is in early talks with three different Middle Eastern carriers — Emirates, Etihad Airways and Qatar Airways — about setting up a possible partnership.
The Indonesian flag-carrier is seeking a partner that can offer expertise and connectivity, Deputy State-Owned Enterprises Minister Kartika Wirjoatmodjo said in an interview Wednesday. The airline can afford to take its time thanks to a rebound in air travel that has eased pressure on it to raise funds, he said.
Garuda has left its state capital injection largely untouched and should achieve $150 million in free cash flow this year, he said.
Garuda is in talks with potential investors to raise $300 million to $400 million via a private placement, State-Owned Enterprises Minister Erick Thohir said earlier this month.
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