India's embattled Jet Airways gets two unsolicited bids

Jet Airways staff in Mumbai says they’re willing to work for less salary

Lenders of Jet Airways led by the state-run State Bank of India (SBI) are now in the process of selling the airline to recover their dues of over Rs 8,400 crore.

Lenders led by State Bank of India have asked a group of airline employees, seeking to make a formal proposal, to wait to see who remains in the race after a Friday deadline lapses, the people said, asking not to be identified as the information is private.

The lenders are offering 31.2-75 percent stake in the company on a fully diluted basis.

Jet Airways ceased operations temporarily on April 17 because of acute financial distress.

Etihad Airways PJSC said on Friday it has submitted a binding bid to retain a minority stake in Jet Airways, raising fresh hopes for a revival of the cash-strapped airline.

The SBI-led consortium has been looking to sell a controlling stake in Jet, shortlisting four potential buyers including Etihad Airways which already owns 24 per cent.

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However, he added that Etihad "cannot be expected to be the sole investor" and "additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation". SBI Capital Markets Ltd, which is advising Jet Airways's lenders, has received at least three unsolicited approaches, one of the people said.

Jet for several months tried to convince investors, including Etihad, to pump in money and save the airline.

While a clutch of investors and lesser-known entrepreneurs on Wednesday claimed to have sent their bids for the grounded Jet Airways, industry insiders say they could be either non-serious players or acting as a front for others.

"Few unsolicited offers have also been received which the lenders may deliberate upon subsequently". "Some may, later on, declare that so and so firm or person is their partner", said an airline executive closely monitoring the bidding process.

Another source said that a travel and tour operators association has approached lenders with an offer to invest Rs 250 crore in the airline.

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