Jet Airways Fails To Attract New Bidders During Extended Deadline Period
The Jet Airways India headquarters stand in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Jet Airways Fails To Attract New Bidders During Extended Deadline Period

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Grounded Jet Airways (India) Ltd., which is undergoing insolvency proceedings, failed to attract any new bidders during the extended deadline period till Aug. 31, said people in know of the matter.

There are now only three entities in the fray for acquiring a stake in Jet Airways as they had put in their initial bids earlier. Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp. had submitted the EoIs.

"No new EoIs have been received," said one of the people cited above. "The deadline is unlikely to be extended further. The plan will be to go ahead with the three entities that had submitted their EoIs.”

On Aug. 26, Jet Airways' lenders had extended till Aug. 31 the deadline for submission of an EoI. The deadline was extended on Aug. 3 and Aug. 10 as well.

In the second round of submission of EoIs, the lenders received interest from Vedanta Resources Plc Chairman Anil Agarwal's family trust Volcan Investments, Russian Fund Treasury RA Partners and Avantulo Group. Volcan opted out of the race a day later.

After the Aug. 10 deadline, Synergy Group Corp reportedly evinced interest in the airline. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with Air India.

Etihad Airways, which owns 24 percent stake in Jet Airways, did not submit any bid.

In June, Ashish Chhawchharia was appointed as the resolution professional to manage the affairs of Jet Airways, which shuttered operations in April 17. The airline has liabilities of over Rs 26,000 crore.

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