Etihad Airways bids to re-invest in India’s jet Airways with conditions.
Earlier in April, Etihad Airways, TPG Capital, Indigo Partners and the government backed National Investment and Infrastructure Fund (NIIF), submitted their expressions of interest (EoIs) for bidding for a stake in Jet Airways.
Now only Etihad is expected to submit its bid for Jet Airways before the 6pm deadline on May 10.
Spokesperson for Etihad said on Friday, “Etihad cannot be expected to be the sole investor, and additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation”
State Bank of India, the main lender for Jet airways, has invited binding bids for a stake in Jet Airways. All bids should be submitted by 1800 IST (1230 GMT) on Friday.
Jet Airways has around $1.2 billion in bank debt.
In the meantime, Indian Airport Authority has cancelled passes for Jet Airways staff.