UK-based Hinduja Group in fray to save drowning airline | ex-Chairman Naresh Goyal gives go ahead
As per reports, the Hinduja group is expected to initiate bidding process this week to lay off $30 million debts to US Exim bank. Debt removal will let Jet soar again with six aircrafts.
UK’s richest, Hinduja brothers will bid for the debt-ridden airline after green light from key stakeholders. Hinduja group is in talks with investment bankers led by SBI Capital Markets.
Hinduja are backed by founder Naresh Goyal and strategic investor Etihad Airways.
Jet Airways is on a clock with extensive staff poaching as many of its pilots and other workforce are being roped in by rival airlines.
In a bid to free up 6 aircrafts and resume limited operations, Jet’s lenders are looking to pay off $30 million dues to US Exim bank.
Hindujas expect banks to take a sizeable cut on the airlines’ dues which stand at Rs 12,000 crore.
A consortium of lenders, led by SBI, and Etihad were looking at Hinduja Group to save the dying airline. Hinduja group showed interest when it was approached by Etihad.
Talks are underway; bidding process will initiate this week
Ashok Hinduja, who heads the India business for the family group is in talks with Etihad. Hinduja Group runs 10 businesses globally in automotive, oil and speciality chemicals, power, IT, healthcare and real estate and also owns India’s second-largest truck maker Ashok Leyland.