A consortium of sorts has been formed that could still revive Jet Airways from the brink of a shutdown.
Moneycontrol has learnt that Etihad Airways, along with the Hinduja Group, has joined hands with AdiGro Aviation and Jet Airways founder Naresh Goyal to revive the Indian airline, which suspended operations on April 17.
While AdiGro Aviation, which is based in London, was in advanced talks with Etihad Airways and Jet Airways lenders, the Hindujas have also agreed to consider an investment in the airline.
“Goyal has agreed to fully cooperate with the consortium so that we can take over and run the airline,” said a senior executive.
While Goyal owns a 51 percent stake in Jet Airways, Etihad Airways has 24 percent.
But it is yet not clear what the arrangement will be between these members. Sources said there will be meetings between the interested parties later this week.
Separately, reports had said the Hindujas will be meeting Jet Airways lenders too.
Etihad Airways was the only shortlisted bidder to submit a proposal for the Indian carrier. AdiGro Aviation was one of the unsolicited bidders, which was then engaged by SBI Caps, which is overseeing the bidding process.
But, the Abu Dhabi-based airline wants to have a minority stake and has committed to put in Rs 1,700 crore. Given Jet Airways liabilities, including over Rs 8,000 crore in debts, more equity is needed to revive the airline.
Earlier on Tuesday, a Hinduja Group confirmed that it is considering investing in Jet Airways,even as reports surfaced that the conglomerate may hold meetings with lenders later this week.
“Hinduja Group is evaluating the Jet Airways opportunity,” a spokesperson told Moneycontrol. But, he declined to give further details.
Reports on Tuesday said that the Group had got the backing of Jet Airways founder Naresh Goyal and Etihad Airways.