Etihad Submits Bid for India's Jet, Eyes Minority Stake

Middle Eastern carrier Etihad Airways has submitted a bid for a stake in India’s Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday, Reuters reported. SBI had invited binding bids for a stake in the airline, which is saddled with roughly $1.2 billion in bank debt. Binding offers were due by 1800 IST (1230 GMT) on Friday. Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier said earlier on Friday. 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.” Etihad gave no indication whether it was working with any other investors that might take a majority stake in Jet. Once India’s largest private airline, Jet was crippled by mounting losses as it tried to compete with low-cost rivals IndiGo and SpiceJet Ltd. Read more