MUMBAI: SBI Capital Markets, the investment banking arm of State Bank of India that is handling the bid for the Jet Airways stake, is on the lookout for industrial houses and investors willing to pick up a majority stake in the beleaguered airline after the lone bidder, Eithad, insisted on remaining a minority stakeholder.
The UAE-based Etihad, sources said, was willing to commit only to the extent of a 24 per cent stake in the company and bringing in Rs 1,700 crore as investment, that too dependent on the level of loan write-off the consortium of lenders is willing to offer. Another technical issue that prevents Etihad from taking up majority stake is the FDI cap of 49 per cent for foreign airlines.
