This is the fourth attempt at finding a suitable investor for Jet Airways, which has been grounded for over a year.

Jet Airways receives expressions of interest from 11 investors
Money Jet Airways Friday, May 29, 2020 - 14:52

In what is the fourth attempt at finding Jet Airways a suitor to revive the beleaguered airline, around 11 new investors have submitted expressions of interest, despite the pandemic and the economic crisis that followed. May 28 was the deadline to send in EoIs for the airline.

According to a Livemint report, Hyderabad-based Turbo Aviation, Alpha airways, UK-based Kalrock Capital, a Canadian citizen Siva Rasiah and a consortium of employees are among the 11 investors to have expressed interest in the airline.

As per a BloombergQuint report, other parties to show interest included U.S.-based Imperial Capital, South American investor Synergy Group and Indian entrepreneur Sanjay Mandavia.

This comes after Synergy Group and New Delhi-based Prudent ARC didn’t submit a resolution plan for Jet Airways.

Livemint reports that the company is now looking who the serious investors are, and would qualify for the second round.

As per the BQ report, Hyderabad-based Turbo Aviation also submitted an EoI in the previous round, but didn’t qualify as it didn’t submit all documents required as per the insolvency proceeding. Turbo Aviation, which manufactures ground support equipment for airlines and also offers ground handling services, works with various domestic airlines.

Jet Airways has been grounded for over a year now after it suspended services on April 18, 2019. It owes lenders – led by State Bank of India -- over Rs 8,000 crore.

The insolvency proceedings for the airline began on June 20, 2019, has since been extended several times amid lack of a serious bidder. The last extension was granted until August 21 in the light of the pandemic and the lockdown.

Strategic investors need to have a minimum net worth or available funds of Rs 500 crore, while financial investors are required to have assets under management of worth at least Rs 500 crore.

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