Subscribe Free
in Air Transport / Business & Finance

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.
 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Cavotec to supply fuel systems to Sabiha Gokcen International Airport

Cavotec has won a contract to supply its innovative in-ground fuelling systems to Sabiha Gokcen International Airport.

EgyptAir adds simulator for the latest A320Neo aircraft to its training academy

EgyptAir Training Academy will launch a new simulator for the Airbus A320neo as the first operator in Africa in mid-November.

Qatar Airways takes delivery of three A350-1000s

Qatar Airways today took delivery of three more Airbus A350-1000 aircraft, reaffirming its position as the largest operator of Airbus A350 aircraft with 52 in its fleet.

Big ambitions for Saudi’s Tayaran

It’s a little over a year since the National Aviation Academy of Saudi Arabia, also known as Tayaran, had its inauguration at its King Abdullah Economic City (KAEC) HQ.

Aircraft Interiors Expo and Orbis UK reafirm partnership

Aircraft Interiors Expo (AIX) and Orbis UK have reaffirmed their partnership. Donations of vital cabin interior equipment and décor from AIX exhibitors play a significant role for the Orbis Flying Eye Hospital.

Emirates launches integrated biometric path at DXB

Emirates' has launched an integrated biometric path at Dubai International airport (DXB). The contactless airport experience is now open to Emirates passengers travelling from and through Dubai.

CONNECT SK0110090421
See us at
Saudi International Airshow 2021CONNECT BT0610090421World Defence Show 2022MEBAA Show 2021 BTAviation MENA 2021