Not keen on Jet Airways: Emirates

UAE-based airline Emirates has said it is not interested in picking up a stake in Jet Airways even as the general perception in the market is that the timeframe for deciding on who should get a share of the debt-strapped Indian carrier is way too short.

Expressions of Interest (EoI) were invited on Monday and interested bidders have till 3 pm on Tuesday to put in their queries. They have to submit their EoIs by Wednesday 6 pm. The bidders have to place their binding bids latest by April 30.

“Emirates has no plans to buy or acquire any airline. We continue to focus on our organic growth, and will partner with other airlines where it benefits our customers and makes commercial sense,” an airline spokesperson told

BusinessLine . An email sent to Qatar Airways, IAG, Singapore Airlines, Delta and Air France seeking a comment on their interest in Jet remained unanswered till the time of going to press.

However, Dhiraj Mathur, former

Partner and LeaderShip, Aerospace and Defence Practice (National), PwC, felt the bidding process has already cast its net very wide, so that there is interest in the airline’s stressed assets in different sections. “Those conducting the sale have kept all their options open, which is a good idea,” he added.

But there is a feeling that the close to 36 hours given to interested parties to send in their queries is too short.

Low threshold

Besides, there is surprise at the low net worth criterion — ₹1,000-2,000 crore — set for those interested in bidding for the airline. Jet Airways has debt of over ₹8,000 crore to service and many analysts feel a new investor will have to a higher net worth to be able to deal with such debt.