State Bank of India will consider the Rs. 7,000-crore investment proposal made by employees of Jet Airways only if it does not receive an acceptable offer from any of the four entities that have been short-listed to place binding bids.
In a meeting with employee representatives on Thursday, the bank took the view that the proposal to allow the airline’s management to take over the company can be considered after May 10, the last date for the short-listed players to place a binding bid.
“It was a preliminary discussion. The employees have been told to discuss with the management and come up with a comprehensive plan because currently the bid process is going on and we cannot be unfair to the bidders who have qualified,” said a source aware of the development.
