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State Bank Of India Says Two Bids Received For Jet Airways

Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going

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1556535276_grvwzu_Jet_Airways_Mumabi_Airport_shutterstock_470.jpg

State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.    

Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going.     

"(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai.  

When it started operations in 1993, Jet was a breath of fresh air for passengers used to indifferent service on Air India and Indian Airlines (the two were still independent entities then before a disastrous merger crippled Air India). Twenty-six years later, Jet Airways faces a future not unlike benighted Kingfisher Airlines which stalled on debt and hubris.

(Agency)


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