Jet, 2 foreign carriers to make joint bid for Air India; Mytrah Energy eyes funds
Photo Credit: Shah Junaid/VCCircle

Jet Airways and foreign carriers Air France-KLM and Delta Air Lines aim to make a joint bid for state-run Air India set to undergo divestment by the government, the Press Trust of India reported, citing people aware of the development.

The government is finalising contours for the divestment of debt-laden Air India and will soon invite expressions of interest, the report added.

Earlier budget carrier IndiGo had expressed interest in buying Air India’s international operations and its arm Air India Express.

Air India is likely to be split into four entities before sale, the report added.

Air India, Air India Express and Air India SATS could be one entity, while Alliance Air, Air India Air Transport Services Ltd and Air India Engineering Services Ltd the other three, according to the report.

In another development, Hyderabad-based renewable energy producer Mytrah Energy (India) Pvt. Ltd is in talks with large funds to raise $500 million (Rs 3,249 crore) by selling a stake in the company, Mint reported.

In September 2017, the company raised $277 million (Rs 1,800 crore) from business conglomerate Piramal Group via non-convertible debentures.

London’s Alternative Investment Market-listed Mytrah has a portfolio of 2,000 megawatts of operational and under-development renewable projects across nine states in the country.

Separately, Sajjan Jindal-led JSW Steel Ltd is looking to raise $1 billion through a bond issue to overseas investors, a report said. It would use part of the proceeds for buying distressed (bankrupt, for example) assets, the Mint report added, citing two people aware of the development.

The company has asked investment banks JPMorgan, Citigroup and Deutsche Bank to manage the bond sale, the report said.

The report cited a source as saying that part of the proceeds will be used for working capital needs of company.

JSW Steel, along with distressed asset fund AION Capital Partners, had submitted a bankruptcy-resolution plan for debt-laden Monnet Ispat & Energy Ltd.

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