Out of four shortlisted suitors, only Etihad Airways has submitted a non-binding bid for cash strapped Jet Airways, sources privy to the developments told CNBC-TV18. All bids were to be submitted by 1800 IST on Friday (May 10).

Etihad Airways, which holds 24 percent stake in Jet Airways, in an email to CNBC-TV18 confirmed its bid, "Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet’s return as a viable and competitive Indian airline, and continues to do so."

The airline said the bid is a non-binding one as it has terms and conditions.

"Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation," Etihad spokesperson said.

The other three contenders are TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF).

SBI Capital Markets, which has been given the mandate to oversee the stake sale process for Jet Airways, has also received three unsolicited bids namely Adi Partners, Jason Unsworth's Atmosphere Airlines led consortium and another consortium, said people familiar with the matter.

"As part of the process, sealed bids were to be submitted by May 10, 2019, by the qualified bidders. Sealed bid from Etihad Airways PJSC has been received and the same will be submitted to lenders for examination. Few unsolicited offers have also been received which the lenders may deliberate upon subsequently," SBI Capital Markets said.

According to multiple people familiar with the development, SBI Capital Markets will evaluate all bids received for Jet Airways over the weekend.

The airline temporarily suspended all operations on April 17 due to a lack of funds to keep the airline afloat after lenders led by State Bank of India declined the management’s request to infuse emergency capital into the airline, which is saddled with over Rs 8,500 crore of debt.

The consortium of 26 lenders, led by State Bank of India now owns 51 percent in the airline.

Even as worries mount about the lack of interest in the airline, unsolicited bidders have lined up, showing interest in taking over the airline. For instance, Jet Airways' Employee Consortium has offered to raise Rs 7,000 crore to invest in the airline.

Jason Unsworth, a British entrepreneur, has made claims on his Twitter handle that he has formed a consortium and submitted an Expression of Interest to acquire Jet Airways.

The latest one is London-based AdiGroup's AdiGro Aviation, which had previously partnered with Naresh Goyal and was subsequently not shortlisted in the EOI round, has on Thursday submitted a binding bid to acquire Jet Airways. Adi Partners chairman Sanjay Vishwanathan told CNBC-TV18 that although his bid will not be considered in this round, he is willing to partner with Etihad Airways if talks materialise.

First Published:May 10, 2019 5:48 PM IST