Jet Airways is the latest domestic carrier to rule itself out of bidding for debt-laden flag carrier Air India.
Jet Airways had not formerly announced it would bid however there was some speculation it was possibly mulling a joint bid with Delta Air Lines.
"We welcome the government move to privatise Air India. It is a bold step. However, considering the terms of offer in the information memorandum and based on our review, we are not participating in the process," deputy chief executive Amit Agarwal told the AFP.
The Indian government recently offered to sell a 76% stake in the struggling carrier, with a range of conditions attached including taking on some of its debt.
That turned out to be a deal breaker for India’s largest domestic airline IndiGo, which pulled out of the running just days ago.
Air India’s current debt now stands at $7.67 billion according to government data.
