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


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.


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 12 2019. 11:20 IST