AdiGro Aviation, part of the London-based Adi Partners, on Thursday submitted a binding bid to buy a stake in the grounded Jet Airways. The last date for submitting the bids is May 10.

Last month, Adi Partners had submitted an expression of interest (EoI) for Jet Airways in a consortium with founder and former chairman Naresh Goyal but was disqualified on April 12 due to concerns raised by other bidders like TPG Capital, who had threatened to walk away if Naresh Goyal participated in the bidding process, said sources.

Speaking to CNBC-TV18 over a call from London, Sanjay Vishwanathan, chairman of Adi Partners, confirmed that AdiGro Aviation submitted a bid for Jet Airways this morning in an individual capacity, but clarified that the company remains open to tying up with other bidders for Jet Airways stake.

Vishwanathan told CNBC-TV18 that Adi Partners is willing to explore a partnership with Etihad Airways if talks materialise, adding that it was a suggestion made by SBI Caps after they submitted their bid on Thursday.

When asked on what grounds their bid would be considered in the current round when they have not been shortlisted as an eligible bidder, Vishwanathan clarified that while their bid would not be considered in the current round, but SBI Caps had assured them of engagement in future, if round one of bids fail. Alternatively, they will explore the option of tying up with Etihad Airways if the Abu Dhabi-based carrier places a binding bid.

According to Vishwanathan, SBI Capital Markets Limited (SBI Caps), which is running the bidding process for the cash-strapped airline, will not consider Adi Partners bid in the current round but is open to engaging if round one of bids fails.

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.

Jet Airways lenders, led by State Bank of India (SBI), had invited EoIs from potential bidders for buying a controlling stake of up to 75 percent in the troubled airline.

Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to submit their bids after they gave their EoIs.

First Published:May 9, 2019 7:48 PM IST