Mumbai: Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways (India) Ltd, dealing a severe blow to efforts aimed at rescuing the airline that has suspended flights for nearly two months.
London-based Hinduja Group has decided to halt negotiations to buy a stake in Jet Airways, while Etihad Airways of Abu Dhabi has put on hold a plan to add more investments in the Mumbai-based airline, said two people familiar with the matter, requesting anonymity.
“As far as bidding for Jet Airways is concerned, the Hinduja Group has taken a back seat now,” said one of the two people cited above. “The promoters of the group feel that it’s too risky for them to get involved (with Jet Airways) at the moment, due to ongoing government investigations and the recent insolvency pleas submitted by operational creditors at the National Company Law Tribunal (NCLT).”
