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Clarity on Jet Airways expected in a week
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SME Times News Bureau | 18 May, 2019
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 (SBI) Chairman Rajnish Kumar remains optimistic that
clarity over the future course of the airline will emerge in a week's
time.
"Various options are being evaluated. Legal opinion is
being taken. There are many investors who are showing interest. We have
to see whether they have the money and the wherewithal. I think the
clarity should emerge in a week's time," the SBI top boss told IANS on
Saturday.
Asked if there are investors other than those who have
submitted unsolicited offers, Kumar said that there are some but their
seriousness will have to be checked.
Lenders of Jet Airways, led
by the SBI, are currently in the process of selling the airline to
recover their dues of over Rs 8,400 crore. Private equity firm TPG
Capital, Indigo Partners, National Investment and Infrastructure Fund
(NIIF) and Etihad Airways were shortlisted to submit their bids after
they put forward their Expression of Interest (EoI).
But on May
10, the last date for submitting the binding bids, only Etihad gave its
offer and that too in the eleventh hour. The other two bids received for
the airline were unsolicited. Subsequently, the lenders are learnt to
have got an offer from a Mumbai-based business group.
While the
lenders are vetting various proposals, most of the top Jet executives,
including its Chief Executive Officer (CEO), Chief Financial Officer
(CFO) and Company Secretary, have resigned from their respective
positions citing personal reasons. Close on the heels of the resignation
of the airline's whole-time director Gaurang Shetty, Etihad nominee on
the board Robin Kamark stepped down on May 16.
Abu Dhabi-based
Etihad Airways, which holds 24 per cent stake in the crisis-hit Jet
Airways, is currently the only solicited bidder for a stake in the
airline. But experts have found its bid unattractive for the lenders
given the multiple riders attached to it.
Besides offering to
invest just Rs 1,700 crore against the requirement of Rs 15,000 crore to
revive the crisis-hit airline, Etihad has in its proposal put the onus
of finding a majority buyer on the lenders. The Gulf carrier also wants
exemption from making an open offer in case its stake goes beyond 26 per
cent.
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