New Delhi, Aug 3: Private carrier Jet Airways is staring at its worst financial crisis in over two-decades of existence as the company is being forced to sell-off its non-core assets and real-estates to remain afloat. The airlines' founder chairman Naresh Goyal is also expected to shed a part of his 51 per cent shareholding.

According to reports, Goyal is expected to list 20 percent of his stakes for sale, in view of the carrier's deteriorating fiscal health. Injection of new capital into the airlines, company insiders claim, could provide it with the impetus to survive.

Company sources said the plan to trade-off promoter stakes was taken after the successive losses reported in the fourth quarter. "It is clear to everyone that cash infusion is need of the hour," an insider claimed.

Among the non-core assets which Jet Airways aims to sell includes 17 wide-bodies aircrafts, which are not in operational use, reports said.

Jet Airways on Friday issued an official statement as well which gives credence to the reports claiming that the airline is contemplating on tough decisions in the near-future.

"We are implementing measures to help reduce cost and realise higher revenues. We are in dialogue with stakeholders to enlist their full support for realising necessary savings:Jet Airways on media reports of its inability to fly beyond 60 days unless cost-cutting measures implemented," the statement said.

(The above story first appeared on LatestLY on Aug 03, 2018 04:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).