Synergy Group, a South American entity, which holds a significant stake in Columbian Avianca Airlines, is willing to invest up to Rs 3,000 crore in the grounded Jet Airways. The investment is conditional on the lenders of the airline taking a large debt haircut, Antonio Guizzetti, one of the advisors to Synergy Aerospace said.
German Efromovich, the owner of the Synergy Group, will meet the State Bank of India within the next two weeks to present a business plan. “Jet Airways is a good company, but it is grounded, which is very difficult to rehabilitate. Our desire is to negotiate with the banks for conversion of debt to equity,” Guizzetti said.
Financial creditors have claims worth over Rs 8,200 crore due with Jet Airways. Efromovich had in 2004 bought a bankrupt Avianca. The airline has since grown to become Latin America’s second largest.
