Anil Agarwal's Vulcan Investment, two other bidders show interest in Jet Airways
12 August 2019
Anil Agarwal’s family trust Volcan Investments has shown interest in acquiring grounded carrier Jet Airways even as the airline’s joint venture partner Etihad Airways and the Hindujas seem to have opted out of the race.
The two other bidders who have put in bids for Jet Airways ahead of the 10 August deadline include a relatively unknown entity registered in Panama and another one called the Russian Fund Treasury RA Creator. The fund is represented in India by one Binay Kumar.
A Jet Airways release stated that Volcan Investment is making a an exploratory move, “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. Final bids from the short-listed players are expected to be submitted by 12 September, the RP had said in a note to exchanges earlier.
Ashish Chhawchharia, Jet Airways' resolution professional, will now evaluate the bids to decide on their eligibility and will shortlist names by early next week. The credentials of these bidders will be evaluated over the weekend.
The last date to submit expressions of interest (EoIs) for Jet Airways was extended on 3 August after the company received interest from only a “couple of investors" by the original deadline.
“This is to bring to the attention of all interested resolution applicants that the revised deadline for submission stands at 4 pm (India time) on 10 August 2019," Chhawchharia had said in a note on 3 August.
The note said that on the basis of requests received from prima facie credible interested resolution applicants for some additional time, the deadline for submission of EoI is being provisionally extended, subject to formal ratification by the committee of creditors.
Jet was dragged to NCLT-led insolvency proceedings on 20 June by its lenders after they found no credible bids for the stressed assets. The private carrier is facing claims of Rs24,888 crore from various creditors.