Naresh Goyal could still aspire to bid for Jet

The erstwhile promoter of Jet Airways Naresh Goyal may still have the option to return to the airline he founded 26 years back since the lead banker of the lenders' consortium SBI has left the door open for any investor, including Goyal.

As the bank gets down to drawing up the Expression of Interest in a few days to invite investors to buy the airline with majority control, SBI chairman Rajnish Kumar has said the buyer could be anyone, a financial investor, an airline. There is no legal bar on anyone with a funding and revival plan in place. The option is open for anyone including Naresh Goyal and Etihad to bid for the stake. Nobody is barred from bidding or taking over the airline as per the rules of the ministry of civil aviation.

Following the change in management, Goyal owns 25.5%, Etihad 12% while the SBI-led management has 51%. Sources said Goyal could eventually reduce his current 25.5 per cent shareholding in the airline to below 10 per cent, if a new investor so wants. Both Etihad and Goyal will have to sell their stakes as desired by the new investor, sources said.

Jet lenders are looking for a new investor through a competitive bidding process.

Kumar has said it would be Etihad's choice to remain an investor in Jet.

SBI is trying to find an investor after having succeeded to change the management in asking Naresh Goyal and his wife Anita to step down from the board of Jet Airways.

SBI is looking at a new investor and owner of the airline by June-end.

--IANS

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