Reportedly in a final push to revive the now grounded Jet Airways, London based AdiGroup has again evinced interest in Jet Airways. AdiGroup's Chairman and Managing Partner Sanjay Viswanathan tweeted "Another 48hrs is all we have... and then we walk away!! Have been patient enough @PMOIndia @MoCA_GoI @TheOfficialSBI @EtihadAirways !!!".The account, however, has not been verified by Twitter.
Accordingly the AdiGroup which was one of the unsolicited bidder for Jet is still interested to form a partnership with Etihad to operate the now grounded airline. Presently, the lenders of Jet Airways led by the SBI are in the process of selling the airline to recover their dues of over Rs 8,400 crore. Furthermore 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). Apparently on May 10, the last date for submitting the binding bids, only Etihad gave its offer and that too in the eleventh hour.
Moreover the other two bids received for the airline were unsolicited including that of AdiGroup. Reportedly industry insiders doubt whether bankers will be able to revive the airline or not, especially after other reports surfaced that Jet's vendors approached the National Company Law Tribunal (NCLT).
Kodi Kathi Accused Bail Extended The National Investigation Agency (NIA) Court extended the bail period of Janupalli Srinivasa Rao till July 12. Srinivasa Rao is the prime accused in the attack-case against Chief Minister YS Jagan Mohan Reddy in Visakhapatnam in October last year. The court did not heed to the NIA's request to cancel his bail.
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