New Delhi, May 21 (TIWN): Hinduja Group is evaluating the possibility of bidding for now defunct Jet Airways, the conglomerate told Reuters on Tuesday, 21 May, following which, shares of the grounded carrier soared as high as 14 percent in afternoon trade.

The company spoke about mulling over bidding for the cash-strapped airline in response to Reuters request for comment on the Economic Times report that said Hinduja group will initiate the bidding process this week.

The Group is in talks with airline founder Naresh Goyal and its investor - Etihad, the ET report said, adding that the company is also holding deliberations with SBI Capital Market-led investment bankers for due diligence.

Also Read: Etihad, Two Others Submit Financial Bid for Jet Airways

Both SBI Capital Markets and Etihad did not immediately respond to the Reuters request for comment.