Etihad Seeks To Acquire Additional Stakes In Jet Airways

New Delhi: Etihad Airways PJSC, which currently possesses 24% stake in Jet Airways on Friday submitted a bid to acquire additional minority stake in Jet Airways in the bank-led resolution plan.

Lenders had put 75% stake of Jet Airways on sale.

Etihad’s bid came just before the end of the deadline for receipt of binding bids invited by SBI Caps on behalf of lenders. Etihad, which has put several conditions before the lenders including a waiver from making a mandatory open offer, is the only candidate which submitted the binding bid among the four short-listed bidders selected earlier through the Expression of Interest (EoI) process.

Confirming this, an Etihad spokesperson said, “Etihad Airways today confirmed its interest to re-invest in a minority stake in India’s Jet Airways, subject to conditions!’

“India is one of the fastest-growing air transport markets in the world, and a significant economic partner of the UAE. Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet’s return as a viable and competitive Indian airline, and continues to do so,” the spokesperson added.

“Etihad re-emphasises that it cannot 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.

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