State Bank seeks bid for troubled Jet Airways

State Bank leads the group of lenders that has lent money to Jet Airways and has now taken over the control of the airline

Mumbai/New Delhi: The State Bank of India (SBI) has invited bids to sell stakes in Jet Airways that is struggling with a financial crisis.

According to publicly available information, SBI is considering “a change in management and control” of Jet Airways.

State Bank leads the group of lenders that has lent money to the airline.

SBI Capital Markets will assist and help lenders in the bidding process. Bids can be submitted until 10 April.

It is worth mentioning here that, under the debt settlement scheme, a group of lenders has taken over control of Jet Airways. Under the debt relief scheme approved by the board of Jet Airways on 25 March, the lenders took a majority stake in the airline and are in the process of raising capital of Rs 1,500 crore.

Apart from this, the founder of the airline Naresh Goyal, along with his wife Anita Goyal, resigned from the board of directors some time ago.

Goyal’s share in the company has dropped from 51% to 25%.

Last week, the group of lenders had said that they would extend the solution plan in a time-bound manner under the existing legal and regulatory framework.

Stay on top - Get daily news in your email inbox

Sirf Views

Tapas Pal, A Death No One Would Genuinely Condole

In 1980, after Bengali film superstar Uttam Kumar died, Dadar Kirti of Tarun Majumdar was released after Durga Puja. The voice...

Must India Invest In Donald Trump?

As many of his cabinet picks know, to their eternal regret and shame, his commitment lasts only as long as you are gullible

Protesters Need Economic Education, Mr Bhagwat

There is no escape from misery unless teams of economic educators convince all sections of society socialism is the cause of their distress

BJP Could Not Have Won With This Approach To Delhi

From not paying attention to the corruption-ridden MCD to aloof leaders whose houses witnessed no activity during campaigns, BJP went all wrong in the Delhi assembly election

AAP Win In Delhi Was Foregone Conclusion: 5 Reasons

The five factors that contributed to the AAP victory have been arranged in the decreasing order of relevance; the first three will remain constant for a few more Delhi elections

More from the author

Leave a Reply

For fearless journalism

%d bloggers like this: