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Etihad interested in re-investing in Jet Airways subject to conditions

Airline is saddled with roughly $1.2 billion in bank debt; deadline to buy a stake is over.

Stanley Carvalho | Reuters  |  Abu Dhabi 

Etihad Airways
Etihad Airways | Photo: Twitter

Etihad Airways is interested in re-investing in embattled Indian carrier Jet Airways for a minority stake, subject to certain conditions, a spokesman for the Middle Eastern carrier said on Friday.

"Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation," the spokesman said in a statement.

State Bank of India, Jet's main lender, has invited binding bids for a stake in the airline that is saddled with roughly $1.2 billion in bank debt. All binding bids were to be submitted by 1800 IST (1230 GMT) on Friday.

"There was a submission with conditions," the spokesman said.

First Published: Fri, May 10 2019. 19:04 IST