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The resolution professionals tasked with finding a new investor for Jet Airways (JAI, Mumbai Int'l) have received around a dozen Expressions of Interest (EOIs) in the fourth and final round, CNBC TV18 has reported.

A source said that out of the 11-12 companies that submitted EOIs, only three or four are expected to be shortlisted as the others are unlikely to meet the eligibility criteria regarding their capitalisation.

It is understood that the list of potential bidders includes UK-based Kalrock Capital, Turbo Aviation (Hyderabad Int'l), UK-based Adi Group, Synergy Aerospace, and a consortium of former Jet Airways employees. Synergy came the closest to submitting a binding offer in the previous rounds but eventually withdrew over uncertainty over the ownership of Jet Airways' slots.

Once shortlisted, potential bidders will have until July 11 to file a formal binding offer. The completion of the restructuring is due by August 21, when the non-extendable legal deadline falls. However, the date may be moved due to a lockdown imposed in relation to the COVID-19 pandemic.

Synergy Aerospace has resubmitted an Expression Of Interest (EOI) for Jet Airways (JAI, Mumbai Int'l) and was joined shortly thereafter by an unnamed fund from Dubai, Indian media have reported.

The Hindu Business Line said the South American holding was the first to submit an EOI. Synergy Aerospace was the only investor interested in acquiring Jet Airways during the first round of EOIs last year. However, amidst a lack of clarity regarding the status of the airline's slots at Mumbai Int'l and Delhi Int'l, Synergy did not submit a final and binding business proposal by mid-December, prompting liquidators to announce a fresh call for EOIs.

On January 8, the liquidators' counsel informed the National Company Law Tribunal that a second EOI was submitted by the fund from Dubai, the Business Standard newspaper reported.

Indian conglomerate Hinduja Group and Turbo Aviation (Hyderabad Int'l), backed by GBP100 million pounds (USD130 million) in fresh capital from UK investors, are also said to be interested in acquiring Jet Airways. So far, neither has...

India's Turbo Aviation (Hyderabad Int'l), newly equipped with GBP100 million pounds (USD130 million) in fresh capital from UK investors, has emerged as one of two potential bidders for the assets of Jet Airways (JAI, Mumbai Int'l), The Hindu BusinessLine has reported.

Sources at Turbo Aviation said that while the group was exploring options to invest in Jet Airways, it has yet to file a formal offer.

The Resolution Professionals have recently reopened a call for Expression Of Interest (EOI) in the bankrupt airline with a deadline to submit bids on January 6, 2020. The creditors have also revealed that besides Synergy Aerospace, the only bidder in the first round of bidding, two other potential investors have expressed tentative interest, including an Indian firm backed by UK investors. The other new investor is an unnamed fund based in West Asia.

The National Company Law Tribunal has extended its deadline for the Resolution Professionals to find new investors through March 20, 2020.

Turbo Aviation, a business charter specialist which also provides maintenance...