Saturday, May 11, 2019

Etihad bids for Jet but adds rider

Mumbai/New Delhi: Etihad Airways submitted a last-minute bid to invest in Jet Airways albeit with a rider, as the deadline for the bidding process ended on Friday evening.

"Etihad Airways today confirmed its interest to re-invest in a minority stake in India's Jet Airways, subject to conditions," said a spokesperson for the Gulf carrier which owns a 24 per cent stake in Jet.

The spokesperson said the airline "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 recapitalization."

However, Etihad gave no indication whether it was working with any other investors that might take a majority stake in Jet Airways.

SBI Capital Markets, which has been entrusted with the task of carrying out the sale, said in statement that a sealed bid from Etihad Airways has been received and the same will be submitted to lenders for examination.
A few unsolicited offers for Jet Airways have also been received, which the lenders may deliberate on subsequently. The banks are likely to evaluate bids next week, the statement added.
11/05/19 Mail Today/India Today
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