Grounded airline Jet Airways and UK-based AdiGroup on Friday announced partnership to bid 75 per cent stakes in the private carrier through NCLT process.
Of the 75 per cent stakes, the Adi Group will claim 49 per cent acquisition while the rest 26 pc would be owned by the employees consortium. There is a 49 % cap on FDI in the aviation sector, AdiGroup founder Sanjay Viswanathan told a news conference in Delhi..
Viswanathan said initially they would need to infuse between Rs 2,500 crore and 5,000 crore capital to start the airline. It would require 90 days to chalk out the strategy to put the airline on the way to recovery.
He said, ” We are confident that DGCA, Lender Group (Indian and Foreign), Operational Creditors and Aircraft Lessors will be flexible and benign to catalyse our turnaround plan for Jet Airways.”
Asked about formal expression of interest (EoI), the AdiGroup founder said they and the employees consortium have informed the insolvency tribunal separately about their partnership. They would submit EoI formally by end of the month.
Viswanathan said the government has assured to help them and would return the Jet Airways slots and flying rights. Earlier, these were distributed among other private airlines — SpiceJet and IndiGo.
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