British billionaire brothers mull bid for India's broke Jet Airways

27 Mai, 2019, 10:36 | Auteur: Auguste Feret
  • British billionaire brothers mull bid for India's broke Jet Airways

Under the plan being discussed, Etihad will retain its 24 per cent stake in the company, while SBI may take 20 per cent stake.

"The Hindujas are unwilling to invest a bulk amount".

Hinduja Group recently said it is evaluating the opportunity to invest in the airline.

The person cited above said: "It was understood during the meeting that the Hinduja Group could bring in equity anywhere between ₹1,000-1,500 crore and have a minority stake at around 25 per cent".

On the National Stock Exchange, Jet Airways shares were down 3.47 per cent at Rs 150.05 apiece. "The situation looks to be extremely hard".

"This (de-growth in domestic passenger traffic) is primarily attributable to adverse impact on the industry capacity which has been hit hard due to the grounding of Jet Airways aircraft starting February (due to liquidity constraints) and eventual discontinuation of its operations from April 18", Icra added. Since the airline temporarily suspended operations on April 17, it can not generate sufficient cash flows.

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Legal experts have warned the banks against pursuing that route.

State Bank of India (SBI), that is leading a consortium of lenders to Jet Airways, has reportedly said it will not be able to release interim funds to pay the company's employee salaries.

Banks could buy a stake of up to 20 percent in Jet Airways, a media report suggests. The only bid they received was Etihad's, but it was conditional and forced the banks to look at other options. As part of the process, SBI Caps, the investment banking subsidiary of SBI, has reached out to various Indian conglomerates and NIIF.

But sources said that neither the lenders nor Etihad is comfortable with these entities holding stake in Jet as they have no proven credentials in running a big business.

The meeting held at the Abu Dhabi headquarters of Etihad on Thursday, also discussed the possibility of SBI giving a Rs350-700 crore loan after an agreement is signed by all parties.

Sources pegged the total investment required by Jet Airways to restart operations at INR 5,950 crore.

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