UK entrepreneur says SBI allows him to bid for Jet Airways
5 years, 10 months ago

UK entrepreneur says SBI allows him to bid for Jet Airways

Live Mint  

British entrepreneur Jason Unsworth, who has evinced interest in investing in the now grounded Jet Airways, has claimed that the lenders' consortium leader State Bank of India has asked him to formally submit a bid for the airline. The development comes days after the British entrepreneur evinced interest in investing in Jet Airways. The airline revealed its advice to Unsworth after domestic stock exchanges sought clarification from the temporarily grounded airline regarding a report which cited a British entrepreneur's offer to take control of the cash-strapped airline. In its reply, Jet Airways had said: "Please note that an unsolicited e-mail communication was received by the company.and the sender has been advised to formally engage with SBI Caps Ltd, which is leading the bidding process under the resolution plan initiated by the consortium of domestic lenders led by the State Bank of India."

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History of this topic

Jet staff get on board a new partner to bid for bankrupt airline
5 years, 8 months ago

Jet staff get on board a new partner to bid for bankrupt airline

Live Mint  

Employees of Jet Airways Ltd and London-based investor Adi Partners LLP on Friday said they will jointly bid for a 75% stake in the debt-laden airline, which is facing bankruptcy proceedings. The platform, comprising Adi Partners and a Jet employees’ consortium, will explore taking control of the airline through the National Company Law Tribunal process, and then seek to revive …

AdiGroup still interested in Jet Airways, but will wait only 48 hours: Report
5 years, 9 months ago

AdiGroup still interested in Jet Airways, but will wait only 48 hours: Report

Live Mint  

In a final push to revive the now grounded Jet Airways, London-based AdiGroup has again evinced interest in Jet Airways. According to industry insiders, the AdiGroup which was one of the unsolicited bidder for Jet is still interested to form a partnership with Etihad to operate the now grounded airline. The development comes after Jet's scrip continued to slip following …

Clarity on Jet Airways expected in a week, says SBI chief Rajnish Kumar
5 years, 10 months ago

Clarity on Jet Airways expected in a week, says SBI chief Rajnish Kumar

Live Mint  

New Delhi: It may not be over till it is over. Even as some industry veterans believe that grounded Jet Airways may have hit the end of the road, State Bank of India Chairman Rajnish Kumar remains optimistic that clarity over the future course of the airline will emerge in a week's time. Private equity firm TPG Capital, Indigo Partners, …

Jet Airways lenders to reach out to unsolicited bidders
5 years, 10 months ago

Jet Airways lenders to reach out to unsolicited bidders

Live Mint  

Lenders to Jet Airways Ltd will begin reaching out to unsolicited bidders for the grounded airline after existing shareholder Etihad Airways PJSC declined to raise its stake beyond the current 24%, said two people aware of the development, requesting anonymity. Etihad said also that it is interested in re-investing in a minority stake in Jet Airways subject to conditions that …

SBI says two bids received for Jet Airways
5 years, 10 months ago

SBI says two bids received for Jet Airways

Live Mint  

State Bank of India said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Jet Airways, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the …

Jet Airways employees bid may be heard as others waver
5 years, 10 months ago

Jet Airways employees bid may be heard as others waver

Live Mint  

Mumbai: A bid being stitched together by pilots of the grounded Jet Airways India Ltd may get a hearing if no binding offers emerge from the four potential investors currently in the race, people with knowledge of the matter said. SBI Capital Markets Ltd, which is advising Jet Airways’s lenders, has received at least three unsolicited approaches, one of the …

Binding bids from investors to determine Jet Airways’ revival, say lenders
5 years, 11 months ago

Binding bids from investors to determine Jet Airways’ revival, say lenders

Live Mint  

Lenders to Jet Airways said on Thursday that they have decided, the best way forward for the survival of Jet Airways is to get the binding bids from potential investors. “The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed expression …

Jet Airways lenders pick four bidders for debt-laden airline's stake sale; uncertainty over emergency funding continues
5 years, 11 months ago

Jet Airways lenders pick four bidders for debt-laden airline's stake sale; uncertainty over emergency funding continues

Firstpost  

Jet Airways chief executive Vinay Dube in an internal communication has said the lenders could not decide on the emergency funding and that the board of the airline will meet on Tuesday to take a call on the future. Amid the uncertainty over the release of emergency funding to ailing Jet Airways, a consortium of lenders reportedly picked four firms …

Naresh Goyal opts out of Jet Airways bidding process
5 years, 11 months ago

Naresh Goyal opts out of Jet Airways bidding process

Live Mint  

Mumbai: Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, people aware of the development said Tuesday. Goyal was planning a bid for Jet Airways at least as early as January, a Mint report said Tuesday, citing regulatory documents show. SBI Capital Markets, which has the mandate for Jet Airways stake sale …

Jet Airways to seek interim funding from lenders on Monday
5 years, 11 months ago

Jet Airways to seek interim funding from lenders on Monday

Live Mint  

Mumbai: Jet Airways Ltd, struggling to stay afloat and avoid being taken to the bankruptcy court, will on Monday meet with lenders—led by the State Bank of India —with a fresh demand for interim funding. SBI Capital Markets Ltd, which is managing a Jet Airways stake sale, got expressions of interest from about five investors until about an hour before …

Naresh Goyal said to put in bid for Jet Airways
5 years, 11 months ago

Naresh Goyal said to put in bid for Jet Airways

Live Mint  

Mumbai: Jet Airways Ltd founder Naresh Goyal has put in his bid for buying stake in the crisis-hit airline, said people aware of the development. Goyal quit as Jet Airways chairman in March under a bailout plan that saw lenders, led by State Bank of India, taking control of the airline. The ongoing Jet Airways crisis deepened Friday as the …

Jet Airways crisis: Founder Naresh Goyal likely to submit bids today for stake in cash-strapped airline
5 years, 11 months ago

Jet Airways crisis: Founder Naresh Goyal likely to submit bids today for stake in cash-strapped airline

Firstpost  

Former Jet Airways chairman Naresh Goyal is likely to submit initial bids for a stake in the airline on Thursday, sources said Mumbai: Former Jet Airways chairman Naresh Goyal is likely to submit initial bids for a stake in the airline on Thursday, sources said. “Naresh Goyal is expected to submit initial bids for Jet Airways sale today,” a source …

Expect to find a buyer for Jet Airways by 31 May: SBI chairman Rajnish Kumar
5 years, 11 months ago

Expect to find a buyer for Jet Airways by 31 May: SBI chairman Rajnish Kumar

Live Mint  

New Delhi: State Bank of India on Monday said that it expects investors for the cash-strapped Jet Airways Ltd by the end of May and founder Naresh Goyal has option of increasing his stake in the beleaguered airline to beyond 25% in the future. Naresh Goyal resigned as chairman of Jet Airways on Monday, two decades after he started the …

SBI stands by Jet Airways but wants Naresh Goyal to step down
6 years ago

SBI stands by Jet Airways but wants Naresh Goyal to step down

Live Mint  

New Delhi: State Bank of India, the largest lender to cash-strapped Jet Airways Ltd, has asked the airline’s chairman Naresh Goyal, his wife and two other nominee directors to step down immediately, even as the bank said it was in the interest of lenders to revive the distressed carrier. In New Delhi, after a meeting with finance minister Arun Jaitley, …

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