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AdiGroup, employee consortium to bid for 75% of Jet Airways
TIWN
AdiGroup, employee consortium to bid for 75% of Jet Airways
PHOTO : TIWN

New Delhi, June 28 (IANS) London-based AdiGroup along with Jet Airways Employee Consortium have partnered to bid for 75 per cent stake of Jet Airways under the insolvency resolution process.

The debt-laden company became the first domestic airliner to go into bankruptcy after the Mumbai Bench of the NCLT admitted an insolvency petition filed by the State Bank of India on behalf of 26 lenders on June 20. The airline owes ₹8,500 crore to banks and around ₹25,000 crore in arrears to vendors, lessors and employees. “Jet Airways Employee Consortium and Adi Group are delighted to announce their partnership to bid for acquisition of 75 per cent of Jet Airways through NCLT process. This is a new dawn in the history of India Aviation of operating an airline through Employee Initiative programme where every single employee of Jet Airways will become an owner of the airline,” a joint statement from the consortium and the Adi Group said.
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