Jet Airways India headquarters in Mumbai
An ad outside the Jet Airways India headquarters in Mumbai. | Dhiraj Singh/Bloomberg
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Mumbai: State Bank, which leads the consortium of the lenders of Jet Airways Friday said they have received bids from Etihad Airways and a few unsolicited parties to take over the grounded airline.

The consortium of 26 lenders which now owns 51 percent in the airline, had invited expressions of interest between April 8 and 12 and had received four preliminary bids.

“Etihad Airways today confirmed its interest to re-invest in a minority stake in India’s Jet Airways, subject to conditions,” Etihad said in a statement.

“India is one of the fastest-growing air transport markets in the world, and a significant economic partner of the UAE.

Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet’s return as a viable and competitive Indian airline, and continues to do so.

Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation,” the airline said.

Friday was the last day to submit financial bids by the qualified bidders.

“Sealed bid from Etihad Airways has been received and the same will be submitted to lenders for examination,” said SBI Caps, which is handling the bidding process.

It further said a few unsolicited offers have also been received which the lenders may deliberate on subsequently.

The lenders are offering 31.2-75 percent stake in the company on a fully diluted basis. Currently, the airline owes Rs 8,000 crore to the lenders.

 


Also readWish Jet Airways reappears like a blazing sun, says founder-chairman Naresh Goyal


 

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