Abu-Dhabi based Etihad Airways, a 24 per cent shareholder in Jet Airways, is evaluating its options to participate in a pre-bid process for the troubled airline as part of a bank-led resolution plan, sources in the know said.
Etihad, which had recently indicated to Jet lenders that it wanted to sell its stake in the airline founded by Naresh Goyal more than 25 years ago, is yet to confirm if it’s interested, keeping the stakeholders guessing.
The stake sale process of Jet kicked off on Monday, two days after its scheduled opening. Potential bidders have time only till Wednesday evening to submit their expressions of interest (EoIs).
Besides Etihad, there are other potential bidders, too. San Francisco-based private equity investment firm TPG Capital, with an estimated $75 billion, is in the race to bid for Jet Airways, which is left with a fifth of its original fleet and has an accumulated debt of over Rs 8,500 crore. Atlanta-based airline Delta is in the reckoning as well.
