Brazil-Based Synergy Group Makes Fresh Bid for Jet Airways

Synergy Group has made a fresh expression of interest for investing in Jet Airways, India’s oldest private airline

A Jet Airways flight. Image used for representational purpose.

(Photo: Reuters)

A South American conglomerate that holds majority shares in several airlines, Synergy Group, has reportedly made a fresh expression of interest (EoI) for investing in Jet Airways, after several extensions of the deadline.

According to a report in The Economic Times, Synergy had last submitted an expression of interest last August and apparently, the group has not yet submitted a ‘binding bid’ for the airline.

Livemint reported that Synergy Group was the sole contender for Jet Airways last year, though the conglomerate did not make a binding bid after seeking several extensions. Jet Airways has reportedly expressed that they are unwilling to extend the deadline for EoI and have set a final deadline of 15 January.

Once a storied full service carrier and India’s oldest private airline, Jet Airways stopped flying in April after it ran out of money for daily operations. The airline is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC).

(With inputs from The Economic Times and Livemint)