In a big blow to Jet Airways’ revival hopes, mining and metal baron Anil Agarwal’s family trust Volcan Investments (VI) has withdrawn its expression of interest (EoI) for the grounded airline. VI was among three international entities who had submitted their EoIs for Jet till deadline of last saturday and now two little-known players — Avantulo Group and RA Creator are left in fray.
Volcan withdrew hours after Jet’s 24% stakeholder Etihad said it did not submit an EoI due to “unresolved issues concerning Jet’s liabilities” and it is “neither feasible for nor responsible of Etihad to reinvest in Jet .” Anil Agarwal said in a statement on Monday: “The EoI for Jet Airways by Volcan was exploratory in nature. On further evaluation and considering other priorities, we intend to not to pursue this further.
India is amongst the largest and fastest growing aviation markets in world.The resolution professional (RP) handling Jet case after SBI took the airline to insolvency court has so far received claims for payment of about 24,000 crore from Jet by different stakeholder.