A ray of hope emerged for revival of Jet Airways with its minority partner, Etihad Airways submitting a binding bid on Friday to invest in the grounded airline. Friday, which was the last day for submitting the binding bids, did not see offers coming from the three other shortlisted bidders — IndiGo Partners, TPG, and National Investment and Infrastructure Fund (NIIF).
However, Etihad’s bid is also conditional in the sense that it has said that it alone cannot revive the airline and needs other investors to provide majority recapitalisation. Etihad currently has a 24% stake in the airline. Even as per the foreign direct investment guidelines for the aviation sector, Abu Dhabi-based Etihad’s stake cannot go beyond 49% in the airline.
