Tuesday, August 3, 2021
Education Punjab First 728

English Medium 728

Pre Primary 728

Farmers Compensation 728

Farmers Income 728

DSGMC 728

400 August

Pension 1500 gif

Shaheed 50 lakh gif

Kisan Karza 5.64 lakh gif

Kisan 48 hours gif

Ashirwad 51000 gif

Sohna Markfed

Innocent Admission

Clarity on Jet Airways expected in a week: SBI chief

- Advertisement -
New Delhi, May 18, 2019-

It may not be over till it is over. Even as some industry veterans believe that grounded Jet Airways may have hit the end of the road, State Bank of India (SBI) Chairman Rajnish Kumar remains optimistic that clarity over the future course of the airline will emerge in a week’s time.

“Various options are being evaluated. Legal opinion is being taken. There are many investors who are showing interest. We have to see whether they have the money and the wherewithal. I think the clarity should emerge in a week’s time,” the SBI top boss told on Saturday.

Asked if there are investors other than those who have submitted unsolicited offers, Kumar said that there are some but their seriousness will have to be checked.

Lenders of Jet Airways, led by the SBI, are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways were shortlisted to submit their bids after they put forward their Expression of Interest (EoI).

But on May 10, the last date for submitting the binding bids, only Etihad gave its offer and that too in the eleventh hour. The other two bids received for the airline were unsolicited. Subsequently, the lenders are learnt to have got an offer from a Mumbai-based business group.

While the lenders are vetting various proposals, most of the top Jet executives, including its Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Company Secretary, have resigned from their respective positions citing personal reasons. Close on the heels of the resignation of the airline’s whole-time director Gaurang Shetty, Etihad nominee on the board Robin Kamark stepped down on May 16.

Abu Dhabi-based Etihad Airways, which holds 24 per cent stake in the crisis-hit Jet Airways, is currently the only solicited bidder for a stake in the airline. But experts have found its bid unattractive for the lenders given the multiple riders attached to it.

Besides offering to invest just Rs 1,700 crore against the requirement of Rs 15,000 crore to revive the crisis-hit airline, Etihad has in its proposal put the onus of finding a majority buyer on the lenders. The Gulf carrier also wants exemption from making an open offer in case its stake goes beyond 26 per cent.  (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,369FansLike
111,967FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Chinese Space Programme

The worrisome Chinese space programme – by Asad Mirza

Most countries around the world whether big or small, developed or developing, pursue a space programme of their own or in collaboration with advanced...
Himachal Landslide 25July21

Recurring Land Slides and Flood-damage in Hill States: Need for Long Term Solutions – by KK Kapila

The recent incidents of landslides, cloudburst, flooding and falling rocks in the hill states of Himachal Pradesh, Uttarakhand and Jammu & Kashmir resulting in...
Delhi Police Security

Effective policing is the foundation of internal security – by DC Pathak

An important lesson drawn by India from the ongoing pandemic is that strict crime control and maintenance of law and order are needed to...

SPORTS

Health & Fitness

Diabetes Written

This ‘leafy’ solution to diabetes has many takers

Prayagraj (Uttar Pradesh), Aug 1, 2021- There is no qualified research to prove it but people claim that they have benefitted and now swear by it. The leaves of the African bitter leaf tree/plant are said to have helped people reduce their blood sugar levels. Gopal Tiwari, 72, is now popularising the benefits of the leaves by regularly distributing them to...

Gadgets & Tech

error: Content is protected !!