Crisis-hit airline Jet Airways could find its saving grace this week as Indian conglomerate Hinduja Group is expected to place a bid for the airline, backed by minority shareholder Etihad Airways and founder Naresh Goyal.
The Hinduja Group has fixed a meeting with Etihad Airways on May 23, where discussions will be held in order to revive the airline which is sitting on a debt of over Rs 11,000 crore, according to reports.
Top executives from SBI, which is the leader of the lenders' consortium, are also expected to be present during the meeting to be held in the corporate headquarters of Etihad Airways in Abu Dhabi.
A source confirmed to financial daily Business Standard that it may possibly be the last attempt by SBI to rescue the grounded airline. If the talk fails this week, it could be curtains for the airline which stopped operations from April 17 due to fund shortage.
Lenders had initially approached many Indian conglomerates to rescue the airline but talks failed to materialise. Tata Group was once such player which showed interest initially but decided against it, according to sources who spoke to Economic Times.
Meanwhile, the Hinduja Group would be looking to foray into the airline business with Jet after it had earlier eyed Air India when the state-run carrier floated a privatisation bid.
21/05/19 India Today
To Read the News in full at Source, Click the Headline
The Hinduja Group has fixed a meeting with Etihad Airways on May 23, where discussions will be held in order to revive the airline which is sitting on a debt of over Rs 11,000 crore, according to reports.
Top executives from SBI, which is the leader of the lenders' consortium, are also expected to be present during the meeting to be held in the corporate headquarters of Etihad Airways in Abu Dhabi.
A source confirmed to financial daily Business Standard that it may possibly be the last attempt by SBI to rescue the grounded airline. If the talk fails this week, it could be curtains for the airline which stopped operations from April 17 due to fund shortage.
Lenders had initially approached many Indian conglomerates to rescue the airline but talks failed to materialise. Tata Group was once such player which showed interest initially but decided against it, according to sources who spoke to Economic Times.
Meanwhile, the Hinduja Group would be looking to foray into the airline business with Jet after it had earlier eyed Air India when the state-run carrier floated a privatisation bid.
21/05/19 India Today
0 comments:
Post a Comment