India's Turbo Aviation (Hyderabad International), 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 International), 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 and ground handling services, has previously announced that it will use the fresh capital from UK investors to launch a low-cost carrier, TruStar, by mid-2020.
Jet Airways' most valuable assets are slots at Mumbai International and Delhi International, which could be used by the new start-up LCC.
The group's founder and owner Vankayalapati Umesh was associated with TruJet (TRJ, Hyderabad International) and retains a single-digit stake in the regional carrier.
