AdiGroup, Employee Consortium to Bid For Jet Airways Employee

AdiGroup, Employee Consortium to Bid For Jet Airways Employee

New Delhi: London-based AdiGroup along with Jet Airways Employee Consortium have partnered to bid for 75 percent stake of Jet Airways under the insolvency resolution process.

At present, the grounded airline is under the insolvency resolution process of the National Company Law Tribunal. The AdiGroup and Jet Employees Consortium combine is confident of reviving the airline by successfully bidding for the airline under the process.

AdiGroup Chairman Sanjay Viswanathan said the combine expects a likely investment of Rs 2,500 crore-Rs 5,000 crores. Nonetheless, he said the exact figures will be reached once complete financial details about the company’s liability emerge.

However, he did not reveal the source of funding but said that AdiGroup will hold 49 percent followed by employees consortium’s 26 percent and the rest will be handed to Indian lenders.

According to Viswanathan, feelers have been sent to the NCLT about the combine’s forthcoming bid via the resolution professional. Under the NCLT process, the resolution professional will first finalize a list of genuine claimants of due money from Jet. It has asked all to submit claims before the IRP by July. (IANS)

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