Home / Companies / News /  Jet Airways receives expressions of interest from three potential investors

Mumbai: Jet Airways has received expressions of interest (EoIs) from three interested parties – two financial investors and another global company – said two people aware of the development, adding that Etihad Airways has not yet submitted an EoI for the airline.

“Ashish Chhawchharia, Jet Airways' resolution professional, will now evaluate the bids to decide on their eligibility and will shortlist names by early next week. The credentials of these bidders will be evaluated over the weekend," said the first person quoted above.

The other person said that these EoIs are not bids for Jet Airways but will rather help lenders get a sense of the level of interest in the airline. The extended deadline for submission of EoIs ended on 10 August.

The last date to submit expressions of interest (EoIs) for Jet Airways was extended on 3 August after the company received interest from only a “couple of investors" by the original deadline.

“This is to bring to the attention of all interested resolution applicants that the revised deadline for submission stands at 4 pm (India time) on 10 August, 2019," Chhawchharia had said in a note on 3 August.

The note said that on the basis of requests received from prima facie credible interested resolution applicants for some additional time, the deadline for submission of EoI is being provisionally extended, subject to formal ratification by the committee of creditors.

Mint reported on 1 August that as many as four potential bidders have evinced interest in Jet Airways (India) Ltd. SBI Capital Markets, which is advising the lenders in the process of finding new investors for the grounded airline, has reached out to as many as 20 potential investors.

State Bank of India (SBI), which leads the lenders’ consortium for Jet Airways, has sanctioned 10 crore as a part of the approved interim funding of $10 million (about 69 crore) for the airline, which was decided by the lenders earlier in July.

At the meeting on 1 August, lenders, however, had reservations about releasing a month’s salary for Jet Airways’ staff as sought by several worker unions.

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