State Bank of India says two bids received for Jet Airways
Jet Airways
The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.
Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going.
"(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai.
Jet Airways' pilots' union had appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.
Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline.
The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes.
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The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.