The two companies are exploring funding requirements to pay creditors and revive the airline
Etihad Airways and Hinduja Group have expressed interest again in debt-ridden Jet Airways, Business Standard reports. The two companies are exploring funding requirements to pay creditors and revive the airline, sources told the paper.
Moneycontrol couldn’t independently verify the report.
Etihad, which owns a 24 percent stake in Jet Airways, had approached Hinduja Group in May but was unable to strike a deal, the report said.
Moneycontrol had reported on June 29 that a consortium of Etihad Airways and Hinduja Group is joining the race to bid for the airline. Tata Group, Qatar Airways, Apollo Global Management and a TPG Capital-led consortium are other potential bidders for Jet Airways.
Jet Airways has set a deadline of August 3 for potential suitors to submit Expressions of Interest (EOIs). The bidders will be shortlisted by August 14.
The airline, which is going through insolvency proceedings, has temporarily suspended operations since April 17. The National Company Law Tribunal (NCLT) will hear Jet Airways' insolvency case on July 23.The airline has liabilities worth nearly Rs 25,000 crore. Ashish Chhawchharia, Jet Airways’ resolution professional (RP), has received 16,643 claims from employees, financial institutions and operational creditors. The RP has set a deadline of September 20 to submit a resolution plan to the bankruptcy court.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.