Logistics

Anil Agarwal’s family trust, two other bidders show interest in Jet Airways

Our Bureau Mumbai | Updated on August 11, 2019 Published on August 11, 2019

Anil Agarwal. File photo

Etihad Airways, the existing joint venture partner in the airline, seems to have stayed out

At least three players, including Anil Agarwal’s family trust Volcan Investments, are understood to have expressed interest in acquiring Jet Airways’ assets through the insolvency resolution process.

Jet said in a statement that Volcan Investment,  in an exploratory move, has submitted an expression of interest (EoI)  “to understand the business scenario for the company and the industry”. 

“The EoI is in no way linked to Vedanta,” it added.

The resolution professional (RP) of Jet Airways had set an August 10 deadline for submitting EoIs.

Etihad Airways, the existing joint venture partner in the airline, seems to have opted out. The Hindujas, who had shown interest in acquiring the airline earlier, have  also not submitted an EoI, said a source aware of the development.

There are two other bidders. One is  from an entity registered in Panama, but it is not clear who is behind this company. Another entity, called the Russian Fund Treasury RA Creator, is also understood to have put in a bid. The fund’s India representative, Binay Kumar, could not be reached for comments.

Final bids from the shortlisted players are expected to be submitted by September 12, the RP had said in a note to exchanges earlier.

Jet  was dragged to NCLT-led insolvency proceedings on June 20 by its  lenders after they found  no credible bids for  the stressed assets. The private carrier is facing claims of ₹24,888 crore from various creditors.

Published on August 11, 2019
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