As received approval from founder Naresh Goyal and strategic partner Etihad Airways, the Hinduja Group is soon going to start bidding for debt-ridden Jet Airways, reported Economic Times citing sources
It is learnt that the conglomerate has engaged SBI-led investment bank panel for due diligence. According to sources, the Hindujas is expecting the banks to take a sizeable haircut—initial calculations peg Jet’s dues at Rs 12,000 crore.
However, the Hinduja declined any such move from Jet's banks and Goyal. Prior to Hinduja, Tata Group had shown interest for Jet Airways also bid initially but later turned back.
Hinduja Group has been seeking to enter the aviation market. It earlier had an eye of Air India while it was being privatized. It also tied up with Lufthansa AirCargo in 2000 for services between India and Sharjah.
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