Mumbai, July 22: Almost a month after shortlisting four potential bidders, debt-ridden Jet Airways has finally got two bids who had submitted their proposal to acquire stakes in the bankrupt airline. The two bids were submitted on the final on July 21 -- last day of the deadline.
According to a report, published by MoneyControl, the two bids have been submitted by two separate consortiums. The first consortium includes Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd, and Imperial Capital Investments LLC. While the second consortium consists of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan. However, the other two suitors -- Kolkata's Alpha Airways and Canadian investor Sivakumar Rasiah -- have opted out from bidding. Jet Airways Shortlists 4 Potential Bidders For Defunct Airline's Revival.
Among Jet Airways' first consortium bidders, FSTC and Big Charter are led by aviator-turned-entrepreneur Sanjay Mandavia. On the other side, the third partner Imperial Capital Investments LLC is an investment banking and wealth management company, which is based in Dubai.
Earlier on April 17, 2019, Jet Airways stopped operations due to huge debts -- owing to State Bank of India -- of over Rs 8,000 crore. Apart from this, claims were also made on Jet Airways to pay over Rs 30,000 crore. Following this, the insolvency process began on June 20, 2019. Since then, Jet Airways has been grounded.