MUMBAI: SBI Capital Markets, the investment banking arm of State Bank of India that is handling the bid for the Jet Airways stake, is on the lookout for industrial houses and investors willing to pick up a majority stake in the beleaguered airline after the lone bidder, Eithad, insisted on remaining a minority stakeholder.
The UAE-based Etihad, sources said, was willing to commit only to the extent of a 24 per cent stake in the company and bringing in Rs 1,700 crore as investment, that too dependent on the level of loan write-off the consortium of lenders is willing to offer. Another technical issue that prevents Etihad from taking up majority stake is the FDI cap of 49 per cent for foreign airlines.
Speaking to a TV channel on Monday morning, SBI Chairman Rajnish Kumar said SBI Capital Markets will reach out to various investors based on the resolution plan drafted by the banks. He also made it clear that Jet Airways would need a equity infusion of Rs 4,500 crore to Rs 5,000 crore.
Sources said the bankers were speaking to top Indian corporate houses and their commitment would also depend on the amount of loan the bankers would be willing to waive. While Jet Airways owes banks over Rs 8,000 crore, Kumar put the overall liabilities at nearly Rs 14,000 crore.