Emirates, Qatar airways and Etihad in Garuda partnership talks

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.