Etihad, Tata Group, TPG Potential Bidders for Jet Airways: Report

SBI chairman Rajnish Kumar has expressed confidence that Jet Airways’ sale process will be completed within two months.

(Photo: Reuters)

Etihad Airways, which currently has a 24 percent stake in Jet Airways, is interested in bidding for cash-strapped Jet Airways and has approached the State Bank of India-led lenders' consortium, CNBC-TV 18, reported quoting sources, on Friday, 29 March.

Etihad's share in Jet Airways' will fall to a 12 percent from the existing 24 percent, once the lenders take up majority stake in the carrier, as a part of its debt recast plan.

However, the CNBC-TV 18 report says that Etihad may seek for an additional 37 percent stake in Jet, taking its stake up to 49 percent.

The report also says that American investment firm TPG has also shown interest in Jet Airways.

A separate Moneycontrol report says that the Tata Group has also been approached by the banks’ consortium, for a potential investment.

On Monday, 25 March, Jet Airways chairman Naresh Goyal and his wife Anita Goyal had stepped down from the airline’s board to allow the board to move ahead with a debt restructuring plan.

An official statement issued by the airline stated that the board has also approved immediate funding support of Rs 1,500 crore by lenders via debt. The bidding process for new investors will start in June, the statement also said.

SBI chairman Rajnish Kumar has expressed confidence that Jet Airways' sale process will be completed within two months.