Two bids received for Jet Airways, says State Bank of India

Two bids received for Jet Airways, says State Bank of India

Two sources involved in the process said Middle Eastern carrier Etihad Airways, which owns a minority stake in Jet, might make a bid before Friday's deadline.

Besides the association, a section of Jet Airways employees and numerous domestic and global entrepreneurs have evinced interest in investing in the grounded airline.

The decision was taken owing to a dip in the capacity intake of the aviation sector in recent months followed by the temporary shutdown of Jet Airways' operations and the grounding of Boeing 737 Max aircraft by SpiceJet.

Middle Eastern carrier Etihad Airways has submitted a bid for a stake in India's Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday. 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.

Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to submit their bids after they gave their EoIs.

Jet Airways has more than 440 slots at Mumbai and Delhi airports, a ministry official said last month.

While some of the aviation experts have raised concerns on the government's decision to allot Jet's domestic slots and global traffic rights to rival airlines, suggesting it will impact investor sentiment, a few industry insiders do expect surprise bidding in the final few hours.

"A few unsolicited offers have also been received which the lenders may deliberate upon subsequently", SBI Capital Markets said in a statement without giving further details.

"(We've) made disproportionate efforts to keep Jet flying", Kumar said, adding he expected at least one more bidder to enter the fray.

"The company is not involved in the bidding process and has no information with regard to same and is accordingly not in a position to comment", the airline said in a filing. Currently, the airline owes Rs 8,000 crore to the lenders.



Related Posts

What to expect in 'Game of Thrones' Season 8, Episode 5
The looks on Jon's and Tyrion's faces when they realise Dany had gone rogue was pretty heartbreaking and viewers thought the same. Even Smaug the awful in Peter Jackson's Hobbit films can not match Drogon even if he spoke with Benedict Cumberbatch's voice.

Three things to watch in Denver/Portland, Philadelphia/Toronto Game 7s
While it's tough to gauge just how real this curse is, there have been plenty of instances when it's come into play. It was kind of loose, so I was just figuring out how to pass the ball. "Talk about that later", the coach said.

Asheville Kidnap Claim Unravels: Mom Charged
When asked about Madden's kidnapping claim, Griffin said, "at this point we don't believe that to be factual- none of that". The child's mother Krista Noelle Madden has been charged with attempted first-degree murder.

Iran Officials Tell President Trump Not to Bother Making a Phone Call
He said the USA position will weaken with time, and that there are now no grounds for negotiations with Washington . Trump also called on Iran to sit down and re-negotiate the 2015 nuclear deal, which he quit previous year .

She rescued a puppy during her vacation. The dog's bite proved deadly
Birgitte Kallestad , 24, was riding mopeds with pals in the Philippines when she came across the animal, according to reports. A 24-year-old Norwegian woman has died after she contracted rabies from a stray dog while on holidays in the Philippines .

Palestinian Fishermen Held off Gaza Strip Coast
The Gazan Health Ministry said Abdullah Juma'a Abdulal, 24, was killed east of Rafah in the south of the Gaza Strip on Friday. The Palestinians want a state in the West Bank, east Jerusalem and the Gaza Strip, all territory captured by Israel in 1967.

Saudi Arabia says 2 oil tankers damaged by sabotage attacks
A spokesperson for the US Navy's Bahrain-based Fifth Fleet said they had no comment at this time when contacted by Reuters . The UAE did not blame any country or other party for the operation.

Pompeo Believes Trump Has Tougher Stance on Russia Than Any US President
Still, Pompeo told ABC News he hopes "we can find places where we can have overlap in our interests". The Kremlin did not rule out that Russian President Vladimir Putin would receive Pompeo.

ASUS Zenfone 6 Double Slider design reaffirmed in a leaked video
The phone is expected to feature a Full HD+ display and will come packed with 6 GB of RAM and 128 GB of internal storage. While the launch of the Zenfone might be overshadowed by the OnePlus 7, Asus has already lined up OnePlus in its sights.

CCI probes Google over unfair business activities
The Competition Commission of India ( CCI ) is the local regulator that started looking at a complaint against Google past year . FILE PHOTO: A 3D printed Android mascot Bugdroid is seen in front of a Google logo in this illustration taken July 9, 2017.

© 2015 ExpressNewsline. All Rights reserved.