The Adani Group has emerged as a likely potential new investor for embattled Jet Airways (JAI, Mumbai International), the Financial Express has reported.
According to unofficial sources, the family-owned multinational conglomerate is now planning to boost its presence in the aviation industry. The group unsuccessfully tried to acquire SpiceJet (SG, Delhi International) five years ago.
The group's spokesperson denied the rumours, saying that all speculation about talks between the Adanis and Jet Airways was "baseless". However, at the same time, an unnamed airline executive confirmed that the talks have been going on.
A consortium of Indian banks led by State Bank of India is currently seeking a new investor to take over their 50.1% stake in Jet Airways. The banks acquired the stake in the interim as part of the rescue plan for the debt-ridden carrier, pending the finalisation of an agreement with an outside investor.
The Adanis first entered the airline business in 2018, when one of the family members invested in Air Deccan (DKN, Nashik). The regional specialist is currently dormant. In February 2019, the holding also won concessions to run Ahmedabad, Lucknow, Jaipur, Thiruvananthapuram, Mangalore Bajpe, and Guwahati airports.
While the Adani Group has interests in multiple industries, the holding's core businesses are in mining, logistics (including port operation), and energy.
Tata Sons, a rival Indian conglomerate, has also been reported as interesting in acquiring the majority stake in Jet Airways.
