Synergy Aerospace and little known Delhi-based firm Prudent Asset Reconstruction Company submitted Expressions of Interest (EOIs) for the acquisition of Jet Airways (JAI, Mumbai International) ahead of the January 15 deadline, Indian media have reported.
Two other prospective bidders, Indian industrial conglomerate Hinduja Group and an unnamed Dubai-based fund, did not submit EOIs after analysing the defunct carrier's data room.
While Prudent ARC would be able to take control of Jet Airways, Synergy Aerospace would need to team up with a local investor as foreign airlines are banned by law from having more than a 49% stake in Indian carriers. According to the reports, the South American holding has yet to find a suitable co-investor.
There is still no clarity regarding the allocation of ex-Jet Airways slots at Delhi International and Mumbai International, which are said to be of key importance to the bidders. The slots were temporarily reallocated to other Indian airlines after Jet's grounding in mid-April 2019 and the government has yet to provide guidance as to whether the airline would be able to retrieve the slots.
Besides the slots, Jet Airways' assets also include twelve owned aircraft - two A330-200s, two B737-800s, one B737-900, and seven B777-300(ER)s, the ch-aviation fleets module shows.
Following the submission of the EOIs, the two prospective investors now have until February 8, 2020 to submit binding resolution plans, which will form the basis for the resolution professional's decision to sell the airline.
The ongoing process is the second attempt to find a buyer for Jet Airways after the first call, which dragged for most of the second half of 2019, did not yield a resolution plan. Synergy Aerospace, which was then the only interested party, reportedly did not want to commit without clarity regarding the airline's slots.
