Jet shares bounce as Tatas show interest in its assets

NEW DELHI: Shares of Jet Airways (India) climbed 5 per cent in Monday’s trade amid reports that the Tata Group was planning to bid for some assets of the airline as it undergoes bankruptcy resolution.

Quoting sources ET reported that the Tatas had told bankers as much when they sought to interest the group in a rescue plan before the carrier was sent to the bankruptcy court.

The focus for the Tata Group will be assets it can use to scale up and tap the gap created by Jet’s exit. Tatas already run Vistara in Indian skies in collaboration with Singapore Airlines.

Grant Thornton partner Ashish Chhawchharia has been appointed insolvency resolution professional for Jet.

Executives from Etihad Airways, the Hinduja Group and a newly-formed consortium of the UK-based Adi Partners and the airline’s employees have met Chhawchharia so far. No executive from the Tata Group has approached him yet, the ET report said.