Hindujas get green signal for jet bid |
One of the biggest conglomerates based in India, the Hinduja Group, will start the process of bidding for Jet Airways this week, as they have obtained the assent of key stakeholders in the beleaguered airline including founder Naresh Goyal and Etihad Airways. The Hinduja Group has engaged investment bankers led by SBI Capital Markets for due diligence, which will commence soon. India`s other leading conglomerates had declined approaches by Jet`s banks and Goyal for a possible rescue. The Tata Group had shown an inclination to consider a bid for the airline but subsequently lost interest. The Hinduja Group had in the past eyed Air India when the state¬run, heavily indebted airline came up for privatisation. It had also tied up with Lufthansa Air Cargo for services between Sharjah and India in 1997¬-2000. Jet has been running out of time as its pilots are being hired by rivals in India and abroad. The aviation regulator has handed over some of its domestic routes to rivals temporarily.
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