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Anil Agarwal's family trust Volcan, two foreign funds bid for Jet Airways

ANI | August 12, 2019 11:20 AM
Jet was burdened with outstanding loans of Rs 8,500 crore and liabilities worth Rs 25,000 crore

Mumbai (Maharashtra) [India], Aug 12 (ANI): Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless.

Agarwal, Chairman of Vedanta Group, submitted the EoI through his family investment arm Volcan Investments before the close of bidding process on Saturday afternoon. The other entities who submitted EoIs are Panama-based Avantulo Group and Russian Fund Treasury RA Creator.

Reports said Volcan Investments' EoI is in no way linked to Vedanta. Etihad Airways, which was expected to bid for Jet Airways, eventually backed out. And so did the Hinduja Group.

The three EoIs will be reviewed by resolution professional Ashish Chhawchharia to ascertain their eligibility. Late last month, the resolution professional had floated EoIs for selling stake in the airline.

In a statement to the exchanges, the resolution professional said the provisional list of prospective resolution applicants will be issued on August 13. The estimated date of submitting a resolution plan before the National Company Law Tribunal is September 27.

(ANI)

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