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Big-bucks bid for Jet Airways

Darwin Group has offered a Rs 14,000-crore deal to the lenders for acquiring the grounded airline

By Our Bureau in Mumbai
  • Published 16.05.19, 12:42 AM
  • Updated 16.05.19, 12:42 AM
  • a min read
  •  
The consortium of SBI-led seven lenders has offered to sell up to 75 per cent in the airline (Shutterstock)

The top management of Darwin Group, which was one of the unsolicited bidders for Jet Airways, on Wednesday met officials of SBI Caps to discuss its proposal.

The group has offered a Rs 14,000-crore deal to the lenders for acquiring the grounded airline, its CEO Rahul Ganpule said.

Darwin Platform Group of Companies claims it has investments across various sectors, including oil and gas, hospitality and realty, among others.  Ganpule said the company had submitted its bid on May 8.

“They (SBI Caps) had called us. We wanted to understand the liability and assets of Jet Airways,” he told reporters after the meeting.

The consortium of SBI-led seven lenders has offered to sell up to 75 per cent in the airline, which stopped flying around the middle of last month. The ailing carrier owes over Rs 8,000 crore to the lenders.

SBI Caps had early last month invited expressions of interest between April 8 and 12 on behalf of the lenders to sell their stake in the carrier.

It received one solicited bid from the airline’s investment partner Etihad Airways, besides two unsolicited on May 10, which was the last date of submission of financial bids.

The Telegraph

The bids were examined by the lenders on May 13 and they found Etihad’s bid conditional.

Ganpule said though the group had done due diligence before submitting the financial bid, it wanted some more financial details that were not publicly available.

He said there is limited information available about the airline with the Registrar of Companies and other public sources, and has requested SBI Caps to provide more details about the actual liability of the airline.

“The solicited bidders have been given access to the actual information but not the unsolicited bidders,” Ganpule said, adding that access to data will only be given after a decision from consortium of lenders.

Ganpule said the Rs 14,000-crore offer made by the group is to take over the entire liabilities of the grounded airline.

“It would be a one-time settlement and all the past liabilities (of Jet Airways) would be taken care of. The acquisition will be funded through internal accruals,” he said, adding SBI Caps has asked the company to provide all the details regarding the funding.