Friday, May 10, 2019

Etihad turns up at eleventh hour as lone bidder for Jet Airways

Etihad Airways PJSC, which holds 24% stake in Jet Airways on Friday submitted a binding bid to acquire additional minority stake in Jet Airways in the bank-led resolution plan. Lenders had put 75% stake of Jet Airways on sale.

Etihad’s bid came just before the end of the deadline for receipt of binding bids invited by SBI Caps on behalf of lenders. Etihad, which has put several conditions before the lenders including a waiver from making a mandatory open offer, is the only candidate which submitted the binding bid among the four short-listed bidders selected earlier through the Expression of Interest (EoI) process. The others were TPG Capital, Indigo Partners and National Investment & Infrastructure Fund (NIIF).

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

“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,” the spokesperson said.
10/05/19 Lalatendu Mishra/The Hindu
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