India Markets open in 5 hrs 21 mins

Jet Airways: SBI Caps meets unsolicited bidder

Jet Airways aircraft are seen parked on the tarmac at Chattrapati Shivaji International Airport in Mumbai. (Express Photo by Pradip Das)

Darwin Platform Group, one of the unsolicited bidders for Jet Airways, on Wednesday said it has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline and sought more financial details about the airline that were not publicly available. The offer came amid speculation that lenders were trying to rope in big corporate groups, including the Hinduja group, for the revival of the airline.

Officials of Darwin Group met the SBI Caps team to discuss its proposal to take control of the crippled airline. SBI Caps has asked the group to provide details about the funding. They (SBI Caps) had called us. We wanted to understand the liability and assets of Jet Airways, Darwin Group CEO Rahul Ganpule said, according to a PTI report.

Darwin Platform Group of Companies claims it has investments across various sectors including oil and gas, hospitality and realty, among others. Ajay Harinath Singh launched Darwin Group which now operates in 11 countries. The group operates in London, the Netherlands, Italy, Spain, Russia, Germany, Hong Kong, USA, Dubai, China and India, says its website.

Ganpule said the company had submitted its bid on May 8. The consortium of SBI-led seven lenders, which owns 51 per cent in the airline, has offered to sell up to 75 per cent stake in the airline, which stopped flying around mid last month. The ailing carrier owes over Rs 9,000 crore to the lenders.

Ganpule said though the group had done due diligence before submitting the financial bid, it wanted some more financial details that were not publicly available. He said there is limited information available about the airline in Registrar of Companies and other public sources, and has requested SBI Caps to provide more details about the actual liability of the airline.

Ganpule said the Rs 14,000 crore offer made by Darwin the Group is to take over the entire liabilities of the grounded airline.

Meanwhile, shares of Jet Airways continued to fall for the third straight session on Wednesday and fell over 5 per cent, after four senior executives, including chief executive Vinay Dube and CFO Amit Agarwal quit the ailing airline. The scrip declined 4.18 per cent to close at Rs 123.70 on the BSE.

With PTI inputs