Sources involved in the bidding process confirmed that the entity had submitted a bid but expressed doubt over its acceptance
Current FDI norms allow a foreign airline to hold up to 49 per cent in a domestic carrier.
Jet Airways Chairman Naresh Goyal will purchase over one per cent stake in the airline from another promoter entity, Tail Winds, for up to Rs 45 crore (Rs 450 million).
While the FIPB has sought more transparency on whether the rules concerning effective control would be followed once the deal fructifies, the Finance Ministry has also written to Sebi for a report on the Jet-Etihad deal, official sources said Wednesday.
The resolution plan has to be put to work this month itself. Jet has a debt of over Rs 8,000 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.
The Prime Minister's Office had raised concerns over the bilateral air services agreement (ASA) signed between India and Abu Dhabi earlier this year, raising the number of flights from 13,700 to 50,000 each week.
Paving way for closure of long-pending Jet-Etihad deal, fair trade regulator CCI on Tuesday approved the proposed acquisition of 24 per cent stake in the Naresh Goyal-led Indian carrier by Abu Dhabi-based airline.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
The Air India board has cleared a proposal for sending its pilots on deputation to its budget arm, Air India Express, which has been facing shortage of commanders for some time now.
A source said that the lenders have proposed to change the management of the beleaguered air carrier as they feel it is not possible to run the company with present management.
Schuldschein is an alternative way to raise funds instead of loans or bonds and deals can run from $12 million to more than $1.13 billion. These instruments include tranches of different maturities and currencies and investors are spread across the world.
Dubai-based Emirates Airline has termed reports that it is holding discussions with Indian carrier SpiceJet for buying a stake in the airline as 'inaccurate' and said that it was busy with its own expansion plans.
Major global airlines, including Gulf carriers, are keen to invest in this space.
Jet Airways (India) Ltd has defaulted on lease rentals of its Boeing 737s, highlighting the financial difficulties faced by the airline.
Defending its decision to raise the number of seats under the India-United Arab Emirates (UAE) air services pact, the Civil Aviation Ministry, in a note to the Cabinet Secretariat and key ministries, has said no additional points of call have been allowed to the Gulf country.
Sources said Unsworth had submitted a one-page letter indicating his interest in Jet but without any accompanying documents.
Banks want government to retain 40 per cent of Jet slots at all airports to ensure a new owner can kick-start operations soon after taking over.
Minority investors of SpiceJet might be feeling cold-shouldered.
Under flak from several MPs over the Jet-Etihad deal, government on Monday said it had "no role to play" in the sale of Jet's slots at London Heathrow airport to the Abu Dhabi-based airline.
The broader markets ended firm with mid-caps and small-caps gaining nearly 0.5 per cent on the BSE.
'Now we will have real employees as the owner of the airline.'
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
UK's largest retailer Tesco, Singapore Airlines and Etihad queued up to invest in India as a persistent UPA threw open more sectors to foreign investments with indications of more big ticket deals to be announced in the new year.
No date has been announced for Air India's induction into the club of more than 28 leading carriers
Former Air India executive director Jitender Bhargava comes out with a book detailing what went wrong with the national carrier. According to him, India does not have a civil aviation policy, and that's just the beginning.
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