The airline’s board approved a rescue deal by the lenders, led by State Bank of India, which includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft.
Private equity firms Blackstone and KKR & Co Inc, and Indian fund Kedaara are also expected to put in bids, according to a news report.
Jet and its second-largest shareholder Etihad Airways are in talks with bankers on a rescue deal that may involve the Abu Dhabi-based airline increasing its stake from 24%.
Tata has sought management control of Jet Airways, seeking at least 26% initially and another 26% via an open offer later.
CPPIB has invested nearly C$7 billion ($5.30 billion) in India since entering the market a decade ago.
The invited bidders, should submit their interest by 31 May.
The consortium had offered to invest $266.9 million in the company.
All five bids on the table value Fortis within a tight, relatively modest range of $1.2-$1.4 billion.
The two firms said they were ready to pay 5 billion rupees in cash before any due diligence, and invest the remaining 7.5 billion rupees after the completion of due diligence within a period of three weeks.
Housing and Urban Development Corp Ltd (HUDCO) on Thursday set the price range for its initial public offering (IPO), the first by a state-run company in five years, to raise up to Rs1,220 crore ($191 million). The Indian government, which fully owns the housing and urban infrastructure projects lender, plans… Read more »