Mumbai: A ray of hope shone of grounded airline Jet Airways Friday, as its partner Etihad Airways submitted a binding bid to invest in the airline, minutes before the deadline for bid submissions.“Etihad Airways today confirmed its interest to re-invest in a minority stake in India’s Jet Airways, subject to conditions,” said a spokesperson for the Gulf carrier which owns 24 per cent of Jet.“India is one of the fastest-growing air transport markets in the world, and a significant economic partner of the UAE. Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet’s return as a viable and competitive Indian airline, and continues to do so,” he added.The spokesperson however said the airline “cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation,”Etihad is only selected bidder to have submitted a qualified bid to invest in the airline. The others were National Investment and Infrastructure Fund (NIIF), TPG Capital and Indigo Partners.Jet Airways grounded operations on April 17, as it ran out cash and was unable to raise money to keep afloat.Today was the last day to submit the financial bids.

Source: Economic Times May 10, 2019 12:47 UTC