Ray of hope for Jet Airways: Hindujas evaluating bid for grounded airlines

The Hinduja Group said on Tuesday that it was evaluating a bid for the grounded Jet Airways. In fact, sources said that the Hindujas have constituted an internal team for doing due diligence and has sought access to the data room. “The Hinduja Group is evaluating the Jet Airways opportunity,” the group said in a statement.

The development saw the shares of Jet Airways jump as much as 17.09% in intra-day trade before closing at Rs 150.75, up 14.73% on the Bombay Stock Exchange. This probably would be the last hope for any revival of the grounded airline, as so far no serious bidder has shown interest in the airline. The only one to have evinced interest is Jet’s minority partner, Etihad, but it has put a string of conditions like limiting its stake to 24% and bringing in only Rs 1,700 crore. In such a scenario, a majority partner is very much required.