Skip to content
Search

Latest Stories

Crisis hit India’s Jet Airways gets two unsolicited bids

INDIA'S biggest lender Friday (10) said it has received two unsolicited bids for Jet Airways, raising hopes for the revival of the debt-laden carrier which was forced to ground its entire fleet last month.

The State Bank of India (SBI) leads a consortium of 26 lenders owning a controlling stake in the Mumbai-based airline which was India's second-biggest carrier by market share before funding woes brought it to the verge of bankruptcy.


SBI chairman Rajnish Kumar said he was hoping for one more buyer to enter the fray before the deadline for submitting bids ended at 1230 GMT today (10).

"Two unsolicited bidders have submitted EoI (expression of interest) for Jet and we are expecting one more bid by the end of the day," Kumar told reporters without giving further details.

The lenders are offering up to 75 per cent stake in the company on a fully diluted basis, the Press Trust of India reported.

The SBI-led consortium has been looking to sell a controlling stake in Jet, shortlisting four potential buyers including Etihad Airways which already owns 24 per cent.

Jet, which has debts of more than $1 billion, has been in a tailspin for months. It has defaulted on loans and failed to pay many staff since the start of the year.

After its lenders declined to extend more funds, the carrier was forced to ground its entire fleet on April 17, triggering protests by thousands of employees who have been not paid salaries.

A collapse of Jet and the loss of more than 20,000 jobs would deal a blow to prime minister Narendra Modi's pro-business reputation as he seeks a second term in ongoing national elections.

Bad investments, competition from several low-cost carriers, high oil prices and a weak rupee contributed to Jet's financial demise, experts say.

Its plight has been compared to that of India's Kingfisher Airlines, which ceased operations in 2012 before later going bust, causing thousands of job losses and huge financial costs to lenders.

Shares of Jet Airways were up nearly three per cent Friday (10) on the Bombay Stock Exchange after SBI's announcement.

(AFP)

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less