Naresh Goyal opts out of Jet Airways bidding process

Etihad have a quick decision to make

Etihad have a quick decision to make

The full service carrier, which is now operating less than 10 aircraft, is awaiting fresh funding under a bailout plan.

Goyal was planning a bid for Jet Airways at least as early as January, a Mint report said Tuesday, citing regulatory documents show.

"The bid process for an orderly sale of equity in Jet Airways is now being run by SBI CAPS and is being vetted by the legal team".

Last month, Goyal and his wife Anita Goyal stepped down from the board of the airline, which has more than Rs 8,000 crore debt. With no funds coming from lenders, the management and the staff of the beleaguered airline conducted a puja at the Jet hangar of the Mumbai airport on April 14. The airline had hoped to receive some funds on Monday evening as that would have allowed for clearance of salaries and a possible increase in its operational fleet.

Jet Airways shares were down as much as 18.53 percent, their worst session since August 2015. "The interim funding has not been forthcoming thus far, and as a result of this, we have extended cancellation of worldwide operations through Thursday, April 19", CEO Vinay Dube said in a letter written to staff.

Jet Airways is now staring at a possible shutdown, which could be temporary in best case scenario, as the airline did not get the promised emergency funding from lenders on Monday.

Jet has been grounding planes in recent weeks as lessors move to de-register and take back their aircraft, even as the company's lenders sought expressions of interest in the carrier from potential investors.

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