TPG’s bid for Jet Airways stemmed from the conviction that it can turn around the cash-strapped carrier, backed by the experience of resurrecting Continental Airlines, and its investments in airline companies.
The San Franciso-headquartered private investment firm is one of the qualified bidders for the temporarily grounded Jet Airways. The others are Etihad Airways, Indigo Partners and the National Investment and Infrastructure Fund (NIIF).
In 1993, TPG made a major investment in the then bankrupt Continental Airlines, a decision that many in the industry thought was “suicidal”. However, it revamped the carrier and earned its stripes as one of the pioneers of the private equity boom. Since then, the firm has invested in a number of airlines, some of which were struggling to fly.
