Jet drops out of AI divestment process
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‘Proposed terms of offer not feasible’
New Delhi: Jet Airways on Tuesday said it would not be participating in the Air India disinvestment process, becoming the second domestic airline after IndiGo to make such a decision in less than a week.
The strategic stake sale of loss-making Air India as well as its two subsidiaries seem to be hitting air pockets with the two potential bidders deciding to keep away citing the contours of the process.
“We welcome the government move to privatise Air India. It is a bold step. However, considering the terms of offer in the information memorandum and based on our review, we are not participating in the process,” Jet Airways deputy CEO & CFO Amit Agarwal said. However, he did not divulge any specific reason about the decision.