Reliance is not among the parties that submitted an Expression of Interest (EoI) to the lenders for acquiring Jet Airways. One source, who did not wish to be identified, said it may join UAE-headquartered Etihad Airways in its bid at a later date

Mukesh Ambani-promoted Reliance Industries Ltd is learned to have evinced interest in a stake in the beleaguered Jet Airways and, simultaneously, exploring the possibility of bailing out the debt-ridden national carrier Air India, two sources close to the development told The Indian Express.

Both Jet and Air India reported losses in the last financial year and their combined market share is less than 25 percent as on date. After flying high for almost 25 years, Jet had to temporarily suspend operations on Wednesday when lenders, led by State Bank of India, refused Rs 983 crore in emergency interim funding.

Reliance is not among the parties that submitted an Expression of Interest (EoI) to the lenders for acquiring Jet Airways. One source, who did not wish to be identified, said it may join UAE-headquartered Etihad Airways in its bid at a later date. Etihad, which currently owns 24 percent of Jet Airways, has already submitted an Expression of Interest to the lenders.

Given the current FDI norms, Etihad can increase its holding in Jet Airways under the automatic route to 49% from 24% now. Beyond this, it would require government approval. The FDI norms in civil aviation allow NRIs to acquire 100% in airlines under the automatic route.

SOURCE