Britain’s Hinduja brothers consider bid for India’s Jet Airways

The billionaire Hinduja brothers -- Britain’s wealthiest people -- are considering a bid for India’s grounded Jet Airways, a spokesperson said Wednesday, sending shares in the firm soaring almost seven percent.

Saddled with debts of more than $1 billion, Mumbai-based Jet has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases, forcing it to suspend operations last month. The firm’s main lender, State Bank of India (SBI), is seeking to sell a majority stake and has received two unsolicited bids and a conditional offer from Etihad Airways of Abu Dhabi.

Etihad already owns a 24 percent share and says it will inject funds to maintain its stake if a majority shareholder can be found.