Etihad makes a great partner because we need a strong flight to show around Jet. I think Etihad will also be interested because they also need an evergrowing market like India, Vishwanathan said over telephone. According to Vishwanathan, the company has bid for 24 % stake in Jet as it desires to avoid an open up offer.
Primarily, we will be bidding for 24 % stake because we don’t want to result in an open offer as it will result in a big-value leakage. The 24 per cent stake will be good to run the business if we get a right partner enough, he said. Sources mixed up in bidding process confirmed that the entity had submitted a bet but expressed question over its approval.
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Yes, a bid from the entity has already reached us however the firm was not shortlisted during the expression appealing (EoI) process. Tomorrow But considering that there is no other formal bet, lenders might take a legal view to see if the bid can be viewed as, the person said. According to him, there is a probability that a fresh bid shall be called.
If there is no formal bid by tomorrow, it is possible that the lenders will call a fresh bid with new conditions and terms, he added. However, Vishwanathan said his entity had posted the EoI as an individual entity and there is some misunderstanding which noticed Adi Partner’s proposal being ruled out. Unfortunately, there have been some miscommunications that people were aligned with Goyal.
That queered the pitch for all of us, with the lenders and we were disqualified. We reached to SBI Caps and clarified our position out. It speaks volume of our expertise that despite not being in the EoI process we could actually submit a binding bid. I am very self-confident that it’ll be accepted as ours’ would be the well thought out & most attractive bid, he said.
After getting shortlisted the four bidders – Etihad Airways, TPG Capital, Indigo Partners and NIIF – developed chilly foot citing that they see no value in the business as Jet’s slot machines and aeroplanes have been distributed to other carriers. But Vishwanathan said he was not perturbed by this, instead it gives a fresh chance to restructure the flight’s network.
Jet requires a revamp of their procedures and network. What we now have is an chance to restore the network with a clean balance sheet, he said. 200 billion value of Chinese goods took effect on Friday, and Beijing back again said it would hit, ratcheting up tensions as the two sides pursue last-ditch talks to try salvaging a trade deal. China’s Commerce Ministry said it deeply regrets the US decision, adding that it could take necessary countermeasures, without elaborating.
The hike comes in the midst of two days of talks between top US and Chinese negotiators to attempt to save a faltering offer aimed at ending a 10-month trade battle between your world’s two largest economies. Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin spoken for 90 minutes on Thursday and were expected to resume talks on Friday. The Commerce Ministry said that discussions were continuing which it desires the United States can meet China halfway, make joint attempts, and solve the presssing issue through cooperation and discussion.