Employees of Jet Airways (India) Ltd and London-based investor Adi Partners LLP on Friday said they will jointly bid for a 75% stake in the debt-laden airline, which is facing bankruptcy proceedings.

The platform, comprising Adi Partners and a Jet employees’ consortium, will explore taking control of the airline through the National Company Law Tribunal (NCLT) process, and then seek to revive it through better governance and operational efficiency. It will also consider reducing the airline’s fleet size from the current 110 aircraft.

Sanjay Viswanathan, a non-resident Indian investor and chairman of Adi Partners— which was set up in 2010 in London—said he hoped to make a formal bid by the end of this month.

Viswanathan said at a press conference that the partnership was expecting details of Jet Airways’ debt levels from the NCLT, before investing ₹2,500-5,000 crore as part of the airline’s turnaround efforts.

“Adi Partners will acquire 49% of Jet Airways, while the employees’ consortium will hold 26%. Details of how the employees’ consortium will mobilize the funds needed to finance the stake acquisition are being worked out,” Viswanathan said in an interview on the sidelines of the press conference.

Viswanathan said one of his priorities is to get an extension for the permit of Jet Airways’ air operator, which expires next month. “The other thing is to get the prime slots, such as Delhi-Mumbai, back,” he added.

“We are committed to co-invest with Adi Partners in our airline and also be flexible with work environment and salaries so that no stone is left unturned to turn around Jet,” Ashish Mohanty, president of Jet Aircraft Maintenance Engineers Welfare Association said in a statement.