Darwin Group, SBI Caps discuss unsolicited bid for Jet Airways
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
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.
Officials of Darwin Platform Group of Companies and SBI Capital Markets Ltd. held on Wednesday discussions on the group's unsolicited bid for crisis-hit Jet Airways (India) Ltd. pic.twitter.com/iotdihOMV0— Darwin Platform Group Of Companies (@Darwinplatform1) May 15, 2019
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
- Aditya Pancholi claims he was threatened with a rape case, submits video
- Mumbai: Kids show how to sort out Vile Parle's traffic woes
- Mumbai: BPO firm asked to pay Rs 2.62 crore or face recovery proceedings
- Mumbai: Narrow approach stalls Jogeshwari project
- Pune: Honest janitor returns mangalsutra worth Rs 2 lakh
- Deven Bharti is new ATS chief, Maharashtra
- Mumbai: HC refuses to vacate stay on BMC's Tree Authority
- Medicine shortage: BMC blacklists rogue supplier
- Dadar's Chitra Cinema to shut down; SOTY 2 to be its last day last show
- Nick Barnes: Power to humiliate has increased dramatically
- Action should follow new BMC chief's promises
- Ramona Narang: The transformation of high society's once wild child
- Aranya Johar: The 20-year-old poet who is taking the internet by storm
- A walk through Mohammed Ali Road's Khau Galli
- Interesting facts about the Holy Month of Ramzan
Sign up for all the latest news, top galleries and trending videos from Mid-day.comSubscribe
Bullet train to disrupt eco-sensitive zones in Gujarat and Maharashtra?