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aviation | IST

Jet Airways receives bids from 4 companies as lenders extend deadline for EoI

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NIIF, TPG Capital, Indigo Partners and a consortium of Think Equity-Redcliffe Capital are the four potential bidders.

Debt-laden Jet Airways has received expressions of interest (EoI) from four companies to pick up stake in the airline even as lenders led by the State Bank of India (SBI) extended the bidding deadline by two days, said sources familiar with the matter.
National Investment and Infrastructure Fund (NIIF), TPG Capital, Indigo Partners and a consortium of Think Equity-Redcliffe Capital EoI's as of Wednesday night, sources told CNBC-TV18, requesting anonymity.
Although NIIF, TPG Capital and Indigo Partners have submitted EoIs independently, they may look to form a consortium when they submit final binding bids, according to the sources.
In a response to CNBC-TV18's query, Redcliffe Capital said they had submitted the EoI for Jet Airways on April 10.
"Our consortium with a large set of our financial investors is studying the available information. We have a strong interest and ability to close this transaction subject to satisfactory due diligence," Redcliffe said.
NIIF, Indigo Partners, and Air Canada are yet to respond to CNBC-TV18's query while TPG declined to comment on the story.
Banks will scrutinise the EoIs that are received by April 12 to see if they meet the criteria, and are qualified to submit bids. Only qualifies bidders will be allowed to submit binding bids by April 30, added the sources.
Canadian airline Air Canada also remains in talks with lenders for a potential bid, but has sought more time from banks for submission of EOI, which is the reason why the SBI-led consortium decided to extend the bidding deadline to April 12, sources told CNBC-TV18.
Etihad Airways, which already has 24 percent stake in Jet Airways is in talks with the lenders but yet to submit EoI, the sources added.
"As part of the process, we are in receipt of some EOIs and some more persons have expressed the desire to participate if additional time is provided. Accordingly, in order to allow better participation in the process the domestic lenders have agreed for extension timeline for submission of EoI which have been updated and made available on the websites," SBI Capital Markets Limited said in a statement.
SBI on Wednesday modified Jet Airways' stake acquisition terms and extended the deadline for submission of expression of interest (EoI) to 6:00 PM on April 12 from April 10, 2019.
According to revised terms, interested bidders can acquire the ownership of Jet Airways, effect change in control and management and can restructure existing debt and infuse funds by way of loans or acquisition of up to 75 percent equity stake.