Jet Airways revival bleak after second round of bidding

The revival of grounded private sector airline, Jet Airways, seems bleak after the second round of bidding closed on Wednesday. The Committee of Creditors (CoC) has received only two bids from South American Synergy Group and Delhi-based Prudent AMC.

Of the two bidders that submitted an expression of interest (EoI) for the airline, one finds its place in the Paradise Papers and comes with a history of bankruptcies, the other has no public record of any big turnaround.

Sources in the know suggest that the Indian conglomerate Hinduja Group with primary interests in truck manufacturing, had also expressed initial interest in buying the airline company, but later withdrew from the fray, as they found no value addition in buying the airline carrier.