Bidding for Jet Airways starts, SBI invites interest

State Bank of India (SBI) today invited bids for stake sale in struggling carrier Jet Airways. SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for “change in control and management” of the carrier, according to a public notice.

SBI Capital Markets would be assisting and advising the lenders in the bid process. The SBI-led consortium of 26 lenders now has the management control of the full-service carrier under a debt-recast plan. SBI is the lead lender to Jet Airways, which has a debt burden of ₹8,000 crore. The bids have to be submitted by 6 pm on April 10.

The lenders’ consortium has taken control of the airline under a debt recast plan.