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New Delhi : Lenders of troubled airline Jet Airways (India) Ltd. have set a minimum networth of ₹1,000 crore or an equal amount of funds available for investment for strategic investors to bid bid for stake in the carrier which is undergoing a turnaround scheme. Alternatively, three years of experience in the aviation sector will also qualify a strategic investor to bid for Jet, as per the invitation of bids made on Monday by State Bank of India.

Strategic investors could be non-resident Indians, foreign nationals or persons of Indian origin. The document inviting bids has set ₹2,000 crore as the minimum asset under management in the case of financial investors. Alternatively, financial investors who had ₹1,000 crore available for investment in the previous fiscal are also eligible for bidding. Private equity funds and sovereign wealth funds are also eligible for placing their bids which has opened on Monday. The last date for submission of bids is 10 April.

The bid document also says that the number of investors in a consortium bidding for the company is limited to three with shareholding of an individual member not being less than 15%. Lenders are attempting a resolution scheme with change in management and shareholding to revive the troubled airline. Intense competition in the market and volatility in oil price and rupee dollar exchange rate have in the recent past hit the profits of airlines. Jet Airways has sharply cut down its operations in the wake of the ongoing liquidity crisis. Currently lenders are attempting to revive the company outside bankruptcy courts.