Jet Airways bids set to draw a blank; Etihad to say no, TPG backs out too

Among others, US-based private equity firms TPG Capital and Indigo Partners have not yet started any due diligence, in an indication that they don't intend to submit a binding bid

All shortlisted bidders, including Abu Dhabi-based Etihad Airways, are learnt to have backed out of the process of investing in grounded Jet Airways.

Etihad was the only airline to have expressed an interest to buy a controlling stake in Jet. The other shortlisted bidders were sovereign fund NIIF and private equity firms TPG Capital and Indigo Partners. With no bidders left in the fray, there’s little hope left for Jet’s revival, said a source. 

“Etihad is not willing to participate in the bidding process as it sees no value left in the airline. It also lacks the financial bandwidth to