Darwin Group, SBI Caps discuss unsolicited bid for Jet Airways

Published: May 16, 2019, 13:28 IST | mid-day online desk | Mumbai

Darwin Platform Group of Companies claims it has investments across various sectors including hospitality, oil and gas and realty, among others. The company had submitted its bid on May 8

Representational image
Representational image

Top management of lesser-known Darwin Group, which was one of the unsolicited bidders for Jet Airways, met officials of SBI Caps on Wednesday to discuss its proposal. According to Rahul Ganpule, CEO, "Darwin Group has offered Rs 14,000-crore deal to the lenders for acquiring the cash strapped airline.

Darwin Platform Group of Companies claims it has investments across various sectors including hospitality, oil and gas and realty, among others. Ganpule said the company had submitted its bid on May 8. "They (SBI Caps) had called us. We wanted to understand the liability and assets of Jet Airways," Rahul addded. The consortium of SBI-led seven lenders, which owns 51 per cent in the airline, has offered to sell up to 75 per cent stake in the airline, which stopped flying around mid last month. The ailing carrier owes over Rs 8,000 crore to the lenders. SBI Caps had early last month invited expressions of interest between April 8 and 12, on behalf of the lenders to sell their stake in the carrier.

It received one solicited bid from the airline's investment partner Etihad Airways, besides two unsolicited on May 10, which was the last date of submission of financial bids. The bids were examined by the lenders on May 13 and they found Etihad's bid conditional. Ganpule said though the Group had done due diligence before submitting the financial bid, it wanted some more financial details that were not publicly available. He stated, "There is limited information available about the airline in Registrar of Companies and other public sources, and has requested SBI Caps to provide more details about the actual liability of the airline. The solicited bidders have been given access to the actual information but unsolicited bidders do not have."

Ganpule said the Rs 14,000 crore offer made by the Group is to take over the entire liabilities of the grounded airline. "It would be one time settlement and all the past liabilities (of Jet Airways) would be taken care of. The acquisition will be funded through internal accruals," he said adding SBI Caps has asked the company to provide all the details regarding the funding. Ganpule also claimed that the company was in touch with Etihad for taking them on board. Private equity firms IndiGo Partners and TPG, Etihad Airways and sovereign fund NIIF were shortlisted last month after initial bids.

Top News Stories Of The Day

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

Sign up for all the latest news, top galleries and trending videos from Mid-day.com

Subscribe
Loading...

Bullet train to disrupt eco-sensitive zones in Gujarat and Maharashtra?

NEXT STORY
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK