Anil Agarwal’s family trust shows interest to revive grounded Jet Airways

INDIAN business tycoon Anil Agarwal has submitted an expression of interest (EoI) to revive grounded Jet Airways on Saturday (10).

Volcan Investments, Agarwal’s family trust, submitted EoI before the closure of the bid process last week.

The family trust said its interest in Jet Airways was exploratory in nature.

Panama-based Avantulo Group and Russian fund Treasury RA Creator were the other two entities who submitted EoIs for Naresh Goyal founded airline, according to the media reports.

Volcan Investments owns 100 per cent in Vedanta Resources and EoI was not linked to Vedanta.

The Vedanta Group does not have aviation interests in India.

The deadline for submitting an expression of interest was August 10, after an extension as potential bidders had asked the additional time.

Etihad Airways, which was expected to bid for Jet Airways, eventually backed out, media reports said.

The United Arab Emirates-based airline which owns 24 per cent stake in Jet Airways, did not submit an expression of interest and neither did the Indian business giant the Hinduja Group.

Earlier, the Hinduja Group had shown a preliminary interest through an intended tie-up with Etihad.

The resolution professional said in a statement to the exchanges that the provisional list of prospective resolution applicants would be issued on Tuesday (13).

The expected date of submitting a resolution plan before the National Company Law Tribunal (NCLT) is September 27.

The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian businesses.

India’s oldest private airline, Jet Airways grounded its all planes on April 17 following a serious cash crunch.

The airline has debt and dues of close to Rs20 billion and most of its planes and flight slots have been allocated to other airlines.