Saturday, May 11, 2019

Jet Airways bidding process: Etihad shows interest in stake sale, SBI gets two more unsolicited bids

Etihad Airways expressed its interest to buy stake in Jet Airways under the bidding process run by the airline's lenders on Friday. The State Bank of India-led consortium of 26 lenders also received two non-binding bids for purchasing stake in the embattled airline.

"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," an Etihad spokesperson said.

However, Etihad reiterated that it cannot be expected to be the sole investor in Jet. "Amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation," the spokesperson added.
Details of the bidders who presented unsolicited bids could not be ascertained yet.

Jet Airways had grounded operations on April 17 after the lenders refused to infuse Rs 400 crore requested by the airline to pay vendors and service providers in order to continue services. Even before that, the lenders had taken control of the company's board after founder Naresh Goyal and his wife had exited the company.
11/05/19 Pankaj Upadhyay/Business Today
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