MUMBAI: South America’s Synergy Group and an Indian asset reconstruction company are said to have submitted initial bids for investing in bankrupt carrier Jet Airways.

Indian conglomerate Hinduja Group stayed away from the bids, said a person aware of the development.

Today was the deadline for submission for expressions of interest, extended by the committee of creditors from Jan 6.

Synergy owns majority shares in airlines including Colombian carrier Avianca Holdings.

The conglomerate had last time submitted an expression of interest in August after the August 10 deadline set by the resolution professional running the bid process.

The group hasn’t, according to people in the know, submitted a binding bid for the airline.

Jet Airways, India’s oldest private airline stopped operating on April 17, running out of cash to stay afloat. On June 20, India’s bankruptcy court admitted Jet under Insolvency and Bankruptcy Court.

Media reports on Hinduja Group’s interest in Jet had sent the airline’s shares climbing in the stock markets.





READ SOURCE

READ  Genetic tests gaining popularity for diagnosis & treatments in India

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here