Synergy Group, which is one of the largest investors in various airlines, has now submitted a new Expression of Interest (EoI) application for the already grounded Jet Airways. Synergy Group already submitted an EOI application in the first round of biddings for Jet Airways, however, it failed to submit an overall resolution plan for the same. The new round of biddings or EoI applications will end on January 15, after which the Committee of Creditors (CoC) would come up with a new solution.
Synergy Group Continues to Show Interest in Jet Airways
Jet Airways was grounded on April 17, 2019, due to the lack of cash to run the operations. Synergy Group already participated in the first round of biddings which were held by Committee of Creditors (CoC) in August 2019. But it failed to come up with a debt resolution plan for Jet Airways on time, despite several extensions. Ahead of the new deadline for submitting EoI applications on January 15, Synergy Group has come with a new Express of Interest application for Jet Airways.
This essentially means the rescue for Jet Airways is still on the cards as Synergy Group is looking for a majority of stake. Notably, Hinduja Group is also said to take part in the latest bidding by submitting an EoI, but it's yet to submit the same, reported Business Standard.
Synergy Group Also Owns Majority Stake in Various Airlines
Synergy Group is not a new name in the aviation sector as it holds a majority stake in various airlines like Avianca Airlines and more. For the unaware, Avianca Airlines is Asia's second-largest airline right now. The group is now aiming to rescue Jet Airways which was grounded in April last year.
During the first bidding, Synergy Group sought for slot allocations for Jet Airways if it rescues the airline. However, the ministry did not want to discuss slot allocations already as Synergy Group wasn't able to submit debt resolution plan on time.