Volcan Investments, the family trust of Vedanta Chairman Anil Agarwal, had submitted an EoI for the debt-ridden airline giving a fresh lease of life to the subdued bidding process.
Vedanta Chairman Anil Agarwal said on August 12 that the expression of interest for Jet Airways by Volcan Investments was only exploratory and that it no longer wished to pursue it.
“On further evaluation and considering other priorities, we intend to not pursue this further,” Agarwal said in a statement.
Volcan Investments, the family trust of Vedanta Chairman Anil Agarwal, had submitted an EoI for the debt-ridden airline giving a fresh lease of life to the subdued bidding process.
“Jet Airways was the pioneer to open skies in India after Air India, created a world-class airline with the finest team and connected numerous global and domestic destinations. India is amongst the largest and fastest-growing aviation markets in the world and I am sure many airlines and investors will look at this opportunity,” Agarwal said.
He listed out the investments made by his family trust as a contribution to take the country forward and build upon its great potential.
Apart from Volcan, Panama-based investment company, Avantulo Group, and Russian Fund Treasury RA Creator have shown interest in the Naresh Goyal-founded carrier, according to CNBC-TV18.
Jet Airways had suspended operations in April, after a severe cash crunch. It has financial liabilities of over Rs 25,000 crore.
