US private equity firm Blackstone Group LP is in talks to acquire a stake in the frequent-flyer loyalty programme of Jet Airways (India) Ltd. A potential deal could value the loyalty program, Jet Privilege Private Ltd, between Rs 30 billion and Rs 40 billion ($429.1mn-$572.1mn) and would be dependent on Jet Airways securing adequate funding for its airline operations, Bloomberg said. The Indian carrier and its partner Etihad Airways will remain investors in Jet Privilege even after a potential Blackstone transaction. Etihad owns 50.1 per cent of the loyalty program, while Jet Airways owns the rest. Earlier this week, Jet said it was considering various options on priority to meet its funding requirements but called media reports on stake sale or plans to monetise its investment in its frequent flier program as “purely speculative”. Jet Airways, along with Etihad, has embarked upon a reorganisation of its JetPrivilege program to establish the unit as an independent loyalty and rewards company with a mandate to own and manage the operations of the loyalty program independently, according to Jet Airways website.