The Tatas are learnt to be interested in acquiring the cash-strapped Jet Airways which has been put up for sale by Indian lenders.
In a bid to find a buyer at the earliest to mobilise an estimated Rs. 8,500 crore for revival, banks, led by the State Bank of India (SBI), on Thursday decided to invite expression of interest (EoI) from interested parties on April 6, 2019 and the Tatas are planning to submit a bid, people familiar with the development said. The last date for submission of bids is April 9. A Tata Sons spokesperson said, “We do not comment on market speculation.”
In November last year, the Tatas, who run Vistara and AirAsia India in joint ventures, had held preliminary discussions to invest in Jet Airways. Tata Group chairman N. Chandrasekaran even took the proposal to the Tata Sons board for approval.