Banks, on their part, are willing to take as much as an 85 percent haircut, say sources.
Talks between Etihad Airways, the Hinduja Group and AdiGro Aviation to revive Jet Airways have entered a crucial phase, with the three sides talking about operational role and representation on the board of the Indian airline.
Sources say that the banks, led by State Bank of India, are now "more flexible" while restructuring Jet Airways' debts of over Rs 8,000 crore. This will help bringing in the investors.
"The talks should be over by the end of the month, and the binding agreements should be in place by June," said a source close the development.
While Etihad Airways, which holds 24 percent stake in Jet Airways, has asked for key operational roles in the Indian carrier, AdiGro Aviation is eyeing the top posts.
AdiGroup founder Sanjay Viswanathan confirmed the talks and said the firm is ready to put in Rs 2,500 crore for 24.9 percent stake in Jet Airways.
"I have been clear that as the single-largest investor who is also writing the largest cheque in this round, our limited partners want me to be the Chairman and we need at least three non-executive directors on the Board," he told Moneycontrol.
"CEO and CFO should be our picks," he added.
The Hindujas may not ask for an operational role in Jet Airways, continuing with their tried and tested strategy, where they take strategic stakes in companies, but leave the operations to professionals.
Etihad Airways, which was the only shortlisted bidder to put in a proposal, has proposed to put in Rs 1,700 crore in Jet Airways and wants to retain a minority stake in the Indian company.Haircut
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