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Pilot-turned-aviation entrepreneur Sanjay Mandavia, Founder of Flight Simulation Technique Centre (FSTC), who lost the bid to acquire Jet Airways, said his bid was better and more credible than the one placed by the Kalrock Capital-Jalan consortium.
Speaking to BusinessLine , Mandavia said he accepted the decision of the lenders but disagreed that the other resolution plan was better than his. “My plan was surely better and more credible. However, it is the decision of the lenders,” he said.
“The lenders saw more merit, equity value and Return of Investment in the Jalan-Kalrock consortium,” a source said. Another person added that Mandavia’s bid got support from mainly the Gulf lenders.
According to sources, Mandavia’s consortium had proposed to pay approximately ₹770 crore, which included the cost of the CIRP. Mandavia’s plan was to start with five single-aisle aircraft. The person said the pilot-turned-entrepreneur planned to fly to domestic and mid-haul destinations in the near future.
Asked if he would challenge the lenders’ decision, Mandavia said, “My motive was always that the employees should get their dues. Here, in this case, the Kalrock-Jalan consortium is bringing in money, which is a good thing. If they do not bring in the money, then I will challenge it for sure.”
Mandavia now plans to focus on his new airline called FlyBig. FlyBig will focus on the regional domestic markets. Mandavia had plans to merge Jet and FlyBig.
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