MUMBAI: The State Bank of India (SBI) has received two unsolicited bids for cash strapped Jet Airways (India) Ltd., while another bid is expected before the end of the day, the bank’s chairman Rajnish Kumar said on Friday. Kumar, who didn’t elaborate the names of the bidders, added that a binding bid is expected from one of the four interested parties that had earlier submitted their expressions of interest (EoIs) for bidding for a stake in Jet Airways. A senior SBI official told Mint that the bidder is likely to be Etihad Airways, which is expected to bid for a controlling stake in Jet Airways along with an Indian partner. Etihad Airways PJSC, India’s National Investment and Infrastructure Fund (NIIF), TPG Capital and Indigo Partners were not immediately available for comments. Jet Airways suspended operations on 17 April under more than $1 billion of debt and a severe cash crunch.

Source: Mint May 10, 2019 10:41 UTC