‘Mystery’ foreign investor may turn white knight for Jet

Forum Gandhi Mumbai | Updated on August 23, 2019

Expresses interest after the deadline

Ailing Jet Airways has received a last-minute interest from a foreign investor.

The Resolution Professional (RP) appointed to sell the airline’s assets has decided to seek the approval of the lenders to consider the new bid since it came in after the deadline to submit expressions of interest (EoI). The foreign entity, whose identity could not be ascertained, could be the last option left for the lenders.

The last date to submit the EoIs was August 10. Jet had received EoI from three players — Anil Agarwal’s family trust Volcan Investments, Panama-based investment firm Avantulo Group, and Russian fund Treasury RA Creator.

However, a day later, Volcan withdrew its EoI. According to a person in the know, Avantulo Group did not make it to the short-list. RA Creator has not signed a non-disclosure agreement (NDA) so far. Ashish Chhawchharia, the RP, has also asked it for more documents, but hasn’t received any response.

“The foreign entity which sent in its EoI yesterday is i nteresting. The company is renowned and the outlook looks positive so far,” said a source close to the development. “The Committee of Creditors (CoC) needs to approve the EoI. Secondly, the company should sign an NDA. Then, if there is merit in the bid, it’s a win for the airline.”

The next CoC meeting is expected to be held on August 26.

Published on August 23, 2019

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