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Hinduja Group readies formal bid for Jet Airways: Report

Synergy Group is so far the only potential suitor for Jet Airways.

December 31, 2019 / 11:27 AM IST
 
 
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Hinduja Group may soon prepare a formal bid for debt-ridden Jet Airways, Bloomberg reported. The Hindujas are looking for a partner to purchase a stake in the airline, the article quotes a source as saying.

The group is likely to submit an expression of interest by the January 15 deadline.

The discussion are at a preliminary stage, and the group may decide against bidding for Jet Airways, the report added.

The debt-laden carrier, which was India’s largest airline, has been grounded since April.

Moneycontrol could not independently verify the report.

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Etihad Airways, which owns 24 percent of Jet Airways, and Hinduja Group were studying the possibility of a joint bid, but finally closed the talks.

Synergy Group is so far the only potential suitor for Jet Airways.

Jet Airways was taken to the bankruptcy court in June. A consortium of 26 lenders, led by State Bank of India (SBI) have approached the National Company Law Tribunal (NCLT) to recover dues worth Rs 8,500 crore.

The bankruptcy court has asked the airlines’ Committee of Creditors (CoC) to expedite the bidding process. The NCLT recently permitted extension of Jet Airways’ insolvency resolution by 90 days.
Moneycontrol News
first published: Dec 31, 2019 11:27 am

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