The billionaire Hinduja brothers — the UK’s wealthiest people — are considering a bid for India’s grounded Jet Airways Ltd, a spokesperson said yesterday, sending shares in the company soaring almost 7 percent.
Saddled with debt of more than US$1 billion, Mumbai-based Jet Airways has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases, forcing it to last month suspend operations.
The company’s main lender, the State Bank of India (SBI), is seeking to sell a majority stake and has received two unsolicited bids and a conditional offer from Etihad Airways of Abu Dhabi.
Etihad already owns a 24 percent share and said it would inject funds to maintain its stake if a majority shareholder can be found.
Indian business dailies reported that the Hinduja Group — led by the London-based brothers Sri and Gopi Hinduja — had held talks with Etihad, separately telling Agence France-Presse: “Hinduja Group is evaluating the Jet Airways opportunity.”
Shares in Jet Airways, which have almost halved over the past six months, yesterday soared 6.97 percent on the Bombay Stock Exchange, a day after rocketing 15 percent on the back of early reports of the move.
SBI refused to comment on the Hinduja Group’s interest, while Etihad was not immediately available for comment on the issue.
Thousands of jobs are at risk if Jet Airways goes under and employees on Tuesday protested in New Delhi, calling for a government rescue of the airline.
The Hinduja brothers earlier this month topped Britain’s annual Sunday Times rich list with a fortune of ￡22 billion (US$28.6 billion).
Their sprawling conglomerate includes interests in power, oil and gas, banking and healthcare.
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