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Etihad shows interest in buying Jet Airways
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Etihad shows interest in buying Jet Airways

Agency News

New Delhi, May 10: Saddled airline Jet Airways finally got a buyer Etihad Airways PJSC after the bidding process to sale the carrier ended on Friday.However, the Etihad -- which owns 24 per cent stake in the airline -- was the only buyer who has shown interest in the Jet Airways.

Now the sealed bids would be submitted to SBI-led consortium for further examination, a spokesperson for SBI Caps, who is looking after the bidding process, said here. “As part of the process, sealed bids were to be submitted by May 10 by the qualified bidders. Sealed bid from Etihad Airways PJSC has been received and the same will be submitted to lenders for examination.Few unsolicited offers have also been received which the lenders may deliberate upon subsequently,” the spokesperson added.

On April 8, 2019, the SBI Capital Markets Limited has initiated the bid process to sale the 75 per cent stake in the airline.The Jet Airways has “temporarily” suspended all its operations due to lack of funds after the SBI-led consortium had shown its inability to release immediate money to keep the carrier flying.

Etihad was among four investors that submitted initial bids for the airline last month. The others were private equity firms TPG Capital and Indigo Partners and Indian wealth fund National Investment and Infrastructure Fund (NIIF). (UNI)