Mumbai: Etihad Airways has refused to invest more money in jet airways, which is burdened with debt. Etihad ranks among the major airlines in the Gulf countries. Etihad says it has decided not to invest more in Jet Airways due to unresolved issues related to liability. Jet Airways, which was out of operation on April 18, has a 24 percent participation from Etihad. Jet Airways is currently undergoing insolvency process. The second deadline for bidding for the company expired on August 10.
Three investors have filed an initial bid for Jet Airways till the deadline. The company made it clear that its decision not to invest in Jet Airways would not bring down the company's commitment to the Indian market. It said it is currently operating flights from Abu Dhabi to 10 Indian cities and is continuously increasing the frequency of its aircraft.
The company said that investing in Jet Airways in the current state is neither a reasonable, prudent move for the company. Another buyer also refused to bid. Vedanta Group Chairman Anil Agarwal has refused to bid for the company for the time being. Jet Airways had to halt operations due to financial constraints.
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