Two bids acquired for Jet Airways: Sources

New Delhi: The lenders to Jet Airways have obtained two bids for the cash-strapped provider, and none of the bids are from an airline. ET Now has learned this reliably from sources close to the development. One of the bidders may be a fund. SBI Capital, which has the mandate for Jet’s sale, decided to grow the bid submission cut-off date from April 10 to April 12 as it is confident of different parties taking part in the technique. Etihad, a current equity accomplice in Jet, is assumed to be one such involved birthday celebration. In reality, Etihad’s veteran Cramer Ball has been assembly officers from SBI almost every day. Jet’s lenders had decided in the final week to invite interest in buying up to a 75% stake inside the airline. This after a Supreme Court verdict on the RBI’s February 12, 2018 round foiled the banks’ plans for implementing a decision plan.

Jet Airways

According to SBI Capital Markets, the bidders for Jet Airways can put up the Expression of Interest (EoI) with duly filled relevant annexures of the EoI documents with the aid of April 12, 2019, till 6 pm while qualified Jet Airways bidders can put up the bids by using April 30, 2019. SBI Capital has a constant final date and time for sending the queries as April 11, 2019, at 3 p.m. Meanwhile, India’s largest oil marketer, Indian Oil Corporation, on Wednesday halted the fuel delivery to Jet Airways for non-charge dues for the third time every week. “Indian Oil has stopped fuel materials to Jet Airways in Mumbai, New Delhi, and Hyderabad airports for its failure to clean dues,” information enterprise PTI said, mentioning an unnamed supply. For Jet Airways, Mumbai is the largest base because the airline operates the maximum number of flights from the town.

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