Loss-making Indian carrier Jet Airways will receive a $35 million boost from part-owner Etihad Airways, via the airline’s loyalty program, JetPrivilege, Etihad confirmed Oct. 5.

Etihad has a 24% stake in Jet Airways.

Jet Airways had already indicated this might be an option in August when the company released its financial results for the quarter ending June 30 and announced a major cost-cutting push.

At the time, the Mumbai-based carrier said it was considering the monetization of assets, including its JetPrivilege loyalty program, which has 8.5 million members.

“Etihad Airways confirms it proposed a financial restructuring and support plan for Jet Airways that was approved by its majority shareholder. This plan includes a $35 million cash pre-purchase payment to Jet Airways by Jet Privilege, which is majority owned by Etihad Airways,” an Etihad Airways spokeswoman said in an emailed statement.

The spokeswoman did not give further clarification or details of the “cash pre-purchase payment.”

Jet Airways reported a net loss of INR 1,326 crore ($179 million) for the June quarter, a considerable turnaround from a profit of INR 58 crore ($76,908) in the year-ago quarter. The airline highlighted challenges including a 36% gain in fuel prices, depreciation of the Indian rupee and “the resulting mismatch between high fuel prices and low fares.”

Victoria Moores victoria.moores@informa.com