Jet Airway’s bidding process likely to start from 8 April: SBI

jet sbiThe bidding process of debt-ridden airline Jet Airways (India) Ltd, is most likely to commence from 8 April 2019, said public sector lender State Bank of India (SBI) in an advertisement. The interested bidders are mandated to submit the bids by 10 April.

“…We State Bank of India, and SBICAPs, on behalf of the lenders, hereby invite expression of interest (the EOI) from interested investors/consortium of investors having requisite capacity (the interested parties) on the terms set out under the expression of interest document dated April 8, 2019…,” said SBI said in the advertisement.

“Interested parties are required to submit the EOI pursuant to the terms set out under the EOI document by 6 pm on April 10…,” it added.

The SBI-led conglomerate of lenders to the troubled airline had last week said that bid for the stake sale in Jet Airways would be issued on 6 April, and the deadline for submission would be 9 April. This would now be postponed.

Jet Airways is struggling to continue its operations and yet to pay the salaries of a section of employees since January, including pilots, engineers and general managers. The airline has lease rental payments, forcing lessors to ground a large part of its fleet.

Jet Airways founder Naresh Goyal and his wife Anita Goyal had agreed to step down from their respective positions in the airline on 25 March. As a result, Naresh Goyal is also no longer the chairman of the company.

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