A group of eight companies including Daiwa Securities Group Inc. and Tokio Marine & Fire Insurance Co. are planning to invest ¥10 billion to ¥20 billion in struggling Japan Airlines Corp., sources said Saturday.
The group, which includes JTB Corp. and Kyocera Corp., will provide the money in addition to the ¥350 billion investment already set by government-backed Enterprise Turnaround Initiative Corp. of Japan, they said.
They aim to enhance JAL's financial base amid growing concerns over a fuel price hike following the unrest in the Middle East and North Africa.
The remaining four companies are Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co., Aioi Nissay Dowa Insurance Co. and Hankyu Travel International Co.
JAL will also seek additional investments from trading houses and other companies, while several major banks have already agreed to extend around ¥280 billion in total.