Left Menu
Development News Edition

Darwin Group, SBI Caps discuss unsolicited bid for Jet Airways

PTI | Mumbai | Updated: 15-05-2019 19:50 IST | Created: 15-05-2019 17:43 IST
Darwin Group, SBI Caps discuss unsolicited bid for Jet Airways
Image Credit: Wikimedia

Top management of lesser-known Darwin Group, which was one of the unsolicited bidders for Jet Airways, Wednesday met officials of SBI Caps to discuss its proposal. The Group has offered 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, which owns 51 per cent in the airline, has offered to sell up to 75 per cent stake in the airline, which stopped flying around mid 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 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 in 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 unsolicited bidders do not have," Ganpule said adding that access to data will only be given after a decision from a consortium of lenders," he said. 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. Ganpule also claimed that the company was in touch with Etihad for taking them on board.

Private equity firms IndiGo Partners and TPG, Etihad Airways and sovereign fund NIIF were shortlisted last month after initial bids.


TRENDING

OPINION / BLOG / INTERVIEW

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Guinea’s elections hearken back to the autocracy and violence of its past

... ...

Videos

Latest News

UPDATE 4-Trump, Biden make their pitches to voters in pivotal Pennsylvania

With eight days to go until the U.S. election, President Donald Trump addressed boisterous rallies in Pennsylvania while Democratic rival Joe Biden made a low-key appearance in the state considered crucial to the chances of victory for both...

Longtime federal appeals court Judge Juan Torruella dies

Judge Juan Torruella, who served nearly four decades on the Boston-based federal appeals court and took part in such high-profile rulings as the tossing of Boston Marathon bomber Dzhokhar Tsarnaevs death sentence, died Monday at the age of ...

Motor racing-Dixon has high hopes for new era with Johnson as teammate

Scott Dixon, fresh off a sixth IndyCar title that put another stamp on his legacy, now looks ahead to a 2021 season in which he will not even be the most decorated member of his team with the arrival of NASCAR great Jimmie Johnson. The pair...

Albania repatriating 5 family members of fighters in Syria

Albanias prime minister said Monday that four children and a woman, all related to Albanian nationals who joined Islamist extremist groups fighting in Syria and Iraq, are being repatriated from a Syrian camp. Edi Rama told The Associated Pr...

Give Feedback