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UAE firm in bid to buy Jet Airways

Posted 1 July 2020 · Add Comment

UAE-based Imperial Capital Investments is bidding to buy India’s failed airline, Jet Airways. It is one of four companies to have been shortlisted.

In its peak, the airline was once India’s largest, but this success was short lived. Passenger demand fell when its business was encroached by newcomers SpiceJet and Indigo. It was forced to lower prices to remain competitive and this in turn led to its downfall. When it ceased operations in April 2019, debts were estimated to be at around $1.2 billion.

Abu Dhabi-based Imperial Capital Investments is bidding along with Flight Simulation Technique Centre, Big Charter and a consortium which includes UK’s Kalrock Capital Partners, Canada-based entrepreneur Sivakumar Rasiah and Kolkata's Alpha Airways.

Chairman of Imperial Capital Investments, Biraja Jena, told Arabian Aerospace today that the immediate focus is concentrating on the acquisition of the airline and evaluating the available resources. Once they have done this, they then plan to assess the overseas routes as part of the second phase.
When asked what they planned to do differently to prevent the previous failings being repeated Jena said :We are keeping an open mind at the moment and working on all probable options.” He said that they have some certain basic plans and they are building on that.

The bidders will submit their final reports in the coming days to the committee of creditors.c

Jena said he hopes to conclude the deal by the end of July and aims to keep the majority stake in the carrier.
 

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