AdiGroup's love for buying Jet may fade in 48 hrs

Last Updated: Thu, Jun 13, 2019 16:22 hrs
Jet Airways B777

The beleaguered Jet Airways could soon see a potential match leaving the bid process mid-way.

AdiGroup, a London based firm which had shown interest in buying Jet's assets has suggested that it might leave the process mid-way. 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.

"Another 48hrs is all we have... and then we walk away!! Have been patient enough @PMOIndia @MoCA_GoI @TheOfficialSBI @EtihadAirways !!!," AdiGroup's Chairman and Managing Partner Sanjay Viswanathan tweeted.

The account, however, has not been verified by Twitter.

The development comes after Jet's scrip continued to slip following reports of a breakdown in talks between the Hinduja Group and Etihad for a stake sale of the now grounded airline.

Currently, the lenders of Jet Airways led by the SBI are 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).

However, 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 including that of AdiGroup.

Industry insiders doubt whether bankers will be able to revive the airline or not, especially after other reports surfaced that Jet's vendors approached the National Company Law Tribunal (NCLT).

Having run out of cash, Jet Airways had suspended operations on April 17, impacting thousands of employees, lessors, vendors and passengers.

With inputs from IANS.