Wednesday , June 23 2021

Naresh Goyal, Etihad asked Jet Airways to make a prayer

NEW DELHI: foreign partners Etihad and Naresh Goyal learn to be among the seven entities that have expressed an interest statement (EoI) to buy a share in Jet Airways, which now has just seven aircraft running.

The other five interested bidders are the TPG-based California investment company; The Phoenix private equity firm, Indigo Partners, which has a Frontier budget airline; Redcliffe and Think Equity as a consortium; two individuals together and a senior executive vice president (EVP) of Jet with two others.

The deadline for submitting EOIs to SBI Caps was Friday at 6:00 PM. Goyal's offer learns to arrive right before the deadline ends. Despite repeated attempts, Goyal's team did not get feedback when sending the offer.

While the SBI did not issue any statements about the EoIs, CEO of Jet, Vinay Dube, sent an email to the employees on Friday night, saying: "The process to look for EoIs finished (Friday) and I understand that the significant interest and The credible EOS has been received. Banks continue to engage with the interested parties and I hope that more clarity will arise next week. "

"Etihad had previously indicated that it wants to increase its 24% stake in Jet to 49%, but did not want this to trigger an open offer. I wanted an exemption like what Ajay Singh had achieved by re-acquiring SpiceJet by Kalanithi Maran in early 2014 Although the demand for Etihad has been fulfilled by the government, it is still unclear, "the sources said.

Entities whose EoIs are eligible, and PSUs, government-sponsored funds and quasi-sovereign entities must present their offers until April 30. While the whole process will take a few months to reach its logical conclusion, the creditors' refusal to give the pledge The emergency funding of Rs 1,500 crore has never done so in the knee.

The airline will fly only six to seven aircraft during the weekend, until Monday afternoon. You will be able to operate domestic flights of 40 pairs using this mix of ATR mainly and one or two Boeing 737. All international operations are suspended until Monday.

An airline must have at least five planes in its fleet after completing a year of service, and this is the mandatory norm Jet of 26 years will try to meet until Monday afternoon to maintain its flight license when its management sends a new one SOS to creditors. If you accept to give some funds, Jet may continue to fly, but it could be the end of the road for him at any time after.

"They flew 11 aircraft on Friday and will operate 6-7 airplanes until Monday afternoon. We asked them to ensure the full security of the aircraft they are operating and minimize the discomforts of passengers by informing passengers well at the time of cancellations," said the secretary of Pradeep Singh Kharola aviation on Friday night after chief DGCA, BS Bhullar and the senior officials of the ministry had a telecom with jet management.

Airline officials disagreed with the aviation honors that met with creditors on Friday and were asked to come with a modified plan to get emergency funding on Monday. Provisional financing has been promised almost two months ago and is life threatening.

DGCA has currently unloaded the Jet calendar to operate 57 national flights and 15 international flights based on the airline saying it has 16 aircraft: seven Boeing 777, an Airbus A330 (eight rails in total), five ATR turbo-propellers and three Boeing . 737s. However, Jet is flying only a fraction of these, without international flights and about 40 domestic flights.

The chief of DGCA, Bhullar, is reporting Jet on daily returns to passengers who have purchased canceled ticket tickets. India has 3,100 domestic flights per day. Jet, which until a few years ago was the largest airline in terms of domestic market share, now has less than 50 of them.

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