Jet Airways has entered into a conditional sale and purchase agreement with KLM for its businesses in the Netherlands.
The carrier said in a stock exchange disclosure that the deal was inked on 13 January with Dutch resolution professionals, but gave no details on the transaction value or timeline.
Jet Airways is facing a separate liquidation proceeding in the Netherlands, but Indian authorities previously allowed cooperation with the Dutch insolvency administrator.
The carrier states that the transaction involves the sale of a part of the company’s business activities and will have no impact on its shareholding structure.
It is “subject to the completion of several conditions including statutory and regulatory clearances, both under Indian law and Dutch laws”.
Shortly after Jet Airways ceased operations in April, the government redistributed most of its slots to other Indian carriers.
A teaser document released on 20 July 2019 offers little clue as to what this transaction might entail but states that the carrier entered into a strategic commercial agreement with Air France-KLM in 2016, followed by an enhanced cooperation agreement in 2017.