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Naresh Goyal pulls out of race for Jet Airways

IANS  |  New Delhi 

may not be able to re-board with some of the prospective investors objecting to his entry, informed sources said on Tuesday.

In view of the opposition from other bidders, is said to have withdrawn from the race.

According to the industry sources, Etihad and could consider pulling out of the race if is allowed to submit his bid for the crisis-hit

Seeking to take pilot's seat after he was nudged by the lenders to quit, Goyal had placed his bid through and backed by two foreign enntities.

Lenders of led by the (SBI) are currently in the process of selling their stakes in the to recover the dues to the tune of over Rs 8,400 crore.

SBI Caps, the of SBI, is currently shortlisting investors who would then be able to submit their proposals by April-end.

In a statement, SBI had on Monday said that prospective bidders would be selected shortly as SBI Caps' legal team is working on the Expressions of Interest (EoI) received from the investors.

"The proposed equity conversion by banks, if any, will be undertaken as a transitory mechanism to facilitate the bidding-cum-sale process," SBI said in a statement.

SBI is acting on behalf of the group of lenders as part of the

--IANS

nk/sn/nir

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

First Published: Tue, April 16 2019. 17:50 IST
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