This is expected to bring some relief for fliers as after the shutting down of operations by Jet Airways, the capacity intake of the Indian aviation sector went down, leading to an increase in demand and as such, a hike of 20 to 40 per cent in ticket prices.
Middle Eastern carrier Etihad Airways has submitted a bid for a stake in India's Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday. The lenders are offering 31.2-75 pc stake in the company on a fully diluted basis. SBI Caps, which has conducted the bidding on behalf of the lenders' consortium, said banks would now examine the bid and also decide on the legality of two unsolicited bids which have been received.
"Etihad re-emphasises that it can not be expected to be the sole investor, and that, among other requirements, additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation", the spokesperson said.
While a clutch of investors and lesser-known entrepreneurs on Wednesday claimed to have sent their bids for the grounded Jet Airways, industry insiders say they could be either non-serious players or acting as a front for others.
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Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to submit their bids after they gave their EoIs.
Future Trend and Adi Partners had earlier teamed up with Jet Airways founder Naresh Goyal to submit EoI for the carrier. But later was forced to withdraw the offer.
Jet Airways employees have reportedly met with Maharashtra Chief Minister Devendra Fadnavis, urging him to intervene.
"Fadnavis has assured full support to work out a solution with Prime Minister Narendra Modi and the civil aviation ministry after the last round of polling is completed", said Kiran Pawaskar, president of the All India Jet Airways Officers and Staff Association.