Jet Airways resolution: Vedanta entity submits EOI

A company belonging to the diversified Vedanta conglomerate, led by billionaire Anil Agarwal, has submitted an expression of interest (EoI) for Jet Airways. The EoI has been submitted through Volcan Investments, a holding company owned by Agarwal’s discretionary trust. “Volcan Investments, investment company for Anil Agarwal, in an exploratory move, has sought an EoI for Jet Airways, to understand the business scenario for the company and the industry,” the group said in a statement, adding, “This EoI is in no way linked to Vedanta.”

Two other EoIs were received for the troubled airline, which on April 17 temporarily suspended all its flight operations — one from Panama-based Avantulo Group and the other from a Russian private equity firm.

Etihad Airways, Jet’s strategic partner, has not submitted an EoI. The last date for submission of EoIs for resolution of the grounded airline was August 10. Over the next few days, the EoIs will be evaluated and the resolution professional (RP) for Jet is expected to issue a provisional list of eligible applicants, if any, by August 13.  Read More

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