The state-carrier of Abu Dhabi Etihad Airways will invest in the cash-starved Indian airline Jet Airways. The Abu Dhabi based company will by the minority stakes of the debt-ridden Jet airways. The Etihad has submitted a bid to expressing interest in buying the shares of the Jet.
The banks who had lent money to Jet has invited bids from interested parties. A minority stakes of Jet Airways in now in the hand of Etihad.
Jet once the biggest private air carrier of the country was faced problems after many budget airlines have started operating from the country. The Jet has stopped all its services from April 17. Jet Airways aged 26 has operated around 600 services daily using 120 flights.