Jet lenders plan to sell 75% stake, bidder's net worth should be Rs 1000 cr

Jet Airways India Ltd.’s lenders invited initial bids to buy as much as 75 percent of the debt-laden carrier, starting a process that will determine the future of India’s oldest surviving private airline.

Potential buyers must submit their interest by April 10, State Bank of India Ltd., the lead creditor, said in a document Monday. A strategic bidder should have a net worth of at least Rs 1,000 crore ($144 million) in the preceding financial year, or at least three years of experience in the airline business.

The airline is credited with successfully breaking the monopoly of state-run Air India Ltd. and