Of chosen four, only Etihad bids for Jet Airways

May 11 (AZINS) Abu Dhabi-based Etihad Airways has turned out to be the only player out of the selected four to submit a binding bid on Friday for investment in the beleaguered Jet Airways. Etihad Airways already holds 24 per cent stake in the airlines, and made the offer at the last moment on Friday evening. Three unsolicited bids were also received, including one from a group of Jet Airways employees.

A consortium of 26 lenders, led by State Bank of India (SBI), which owns 51 percent in the airline, had invited expressions of interest between April 8 and 12 and had received four preliminary bids. Friday was the last day to submit financial bids by the qualified bidders.

Etihad confirmed its interest to re-invest in a minority stake, albeit with conditions. "Etihad re-emphasises that it cannot be expected to be the sole investor, and that additional suitable investors would need to provide the majority of the required recapitalisation," a spokesperson said.

Etihad Airways PJSC, India's National Investment and Infrastructure Fund (NIIF) and private equity firms TPG Capital and Indigo Partners had submitted their Expressions of Interest (EoIs) in April. The airline that is saddled with roughly Rs 15,000 crore of debt.

"Sealed bid from Etihad Airways PJSC has been received and will be submitted to lenders for examination. Few unsolicited offers have also been received which the lenders may deliberate upon," SBI Cap officials.

Not On Our Own

Etihad Airways already holds 24 per cent  stake in Jet. Three unsolicited bids were also received, including one from a group of Jet Airways employees.