The process was earlier expected to begin on April 6
The bidding process for Jet Airways has been set back, and will now start on April 8, when banks open up expression of interests for suitors. The last day for submission of EoIs is April 10.
Earlier, the process was to open on April 6, with the last day of submission being April 8.
SBI Capital Markets has been mandated to oversee the process. The lenders are led by State Bank of India. Jet Airways has a debt of over Rs 8,000 crore.
A speedy completion of the process is crucial for the airline, which is down to operating 26 aircraft, from 119 earlier. It has now deferred salary for all its employees. Till date, the airline had deferred paying salaries to pilots, engineers and senior management.
Apart from Etihad Airways, which holds 24 percent stake in Jet Airways, Tata Sons, a group of private equity majors and the NIIF, India's sovereign wealth fund, are expected to be among the interested bidders.
Etihad's Senior Adviser Cramer Ball, who is also former CEO of Jet Airways, was in Mumbai last week to meet SBI officials. He is expected to fly down again on April 8 to continue negotiations.
The bidding signifies a change in the stance of lenders, who were earlier expected to transfer Rs 1,500 crore to the airline as an emergency funding. But instead, about Rs 150 crore has been given to the airline, sources told Moneycontrol.
