Jet Airways: 5 show interest

Jet Airways: 5 show interest

Agency News

New Delhi, Apr 12 : Deadline for submitting expression of interests (EoI) for sale of stakes in cash-strapped Jet Airways ended on Friday with five bidders showing keen interest in taking over the airline.
The bidders, who have submitted EoIs, are Abu Dhabi-based Etihad Airways, San Francisco-based private equity investment firm TPG Capital, National Investment and Infrastructure Fund (NIIF), Indigo Partners and Think Equity Redcliffe Capital Consortium.
The Etihad Airways has already 24 per cent stakes in the saddled airline.
Now the SBI-led lenders will decide and invite the prominent bidders by April 30.
On April 8, the lenders had invited EoI to sale maximum 75 per cent stakes of the carrier.
Meanwhile, the Jet Airways has issued 58.95 lakh shares to the lenders consortium through SBICAP Trustee Company Limited. They have also appointed SBICAP as an advisor to sell the stake of the airline.
Earlier in the day, Civil Aviation Minister Suresh Prabhu directed Secretary Pradeep Singh Kharola to review and take necessary steps in debt–ridden airline row.
Meanwhile, the Jet Airways operated only nine planes on Friday against the number of 14 on Thursday. However, any airline requires 20 jets in operation to fly internationally.
On Thursday, the airline had suspended its international operations for a day and cancelled its fights between Kolkata-Mumbai and Kolkata-Guwahati.
The carrier had grounded its 10 more aircraft due to non-payment of amounts outstanding to lessors under their respective lease agreements.
The airline has been facing a mountain debt of more than Rs 8,000 crore. On March 25, the airline’s Board had passed a resolution plan to infuse Rs 1500 crore in the Jet Airways for its recovery though it could not be materialized till date.