Etihad Airways has said it can only invest up to Rs 1,700 crore in Jet Airways , a fraction of what the grounded airline needs for survival. The Abu Dhabi carrier is also noncommittal on Jet’s dues and has demanded a one-time settlement in a highly conditional bid it submitted on Friday.
The conditions leave little scope for Jet Airways, its employees and investors to pin their hopes on the Gulf carrier as its saviour. It also means the grounded airline’s lenders have to scramble for a new majority investor if they want Jet to fly again.
“Etihad did not put in a binding bid. In a way, the bidding process didn’t take off the way it should have,” a person familiar with the development told ET. Read More