Hinduja Group admits evaluating possible bid for Jet Airways’ revival
The Hinduja Group has admitted that it is evaluating a revival bid for the cash-strapped Jet Airways which shut operations on April 17.
May 21, 2019: The Hinduja Group has admitted that it is evaluating a revival bid for the cash-strapped Jet Airways which shut operations on April 17. The group told a news agency in response to reports that they would start the bidding process this week.
According to reports, the group has already received approval of key stakeholders, including founder Naresh Goyal and Etihad Airways, which hold 51 percent and 24 percent stakes respectively in Jet. Of Goyal's 51 percent, 31.2 percent is pledged with lenders.
A leading daily quoted sources saying that the Hinduja Group has engaged investment bankers led by SBI Capital Markets for due diligence, which is likely to begin soon.
According to experts, the airline will need up to Rs 20,000 crore over the next three years to fly again and the new investor will have multiple levels of due diligence to navigate.
Among those proposing revival plans for Jet Airways are Lakshay Uttam, British entrepreneur Jason Unsworth, and AdiGro Aviation, part of the AdiGroup, the top management of the lesser-known Darwin Group, and an employees' consortium.