Former Chairman of the debt-ridden Indian airline company, Jet Airways, Naresh Goyal has expressed his decision on Tuesday (April 16) not to bid for stakes for the carrier, reports media, which is on the verge of a shutdown anyway.
The change of decision comes after the former Chairman has announced to put in his bid on April 12, as per media reports.
The airline is conducting its services with only 6 or 7 aircraft, as the carrier owes a large amount of money to various lessors, suppliers, pilots, and oil companies. The airline company is currently waiting for fund infusion so that to keep going. Earlier this week, the employees of the company held a protest asking for their long overdue salaries and job security of 20,000 odd employees.
Naresh Goyal along with wife Anita Goyal has stepped down from the board of the airline company last month after a long battle of ownership for the company which Naresh founded 25 years earlier.
Etihad Airways Public Joint Stock Company (PJSC), India’s National Investment and Infrastructure Fund (NIIF) and private equity firms TPG Capital along with Indigo Partners were some of the companies to place important bids for Jet Airways Airline Company. These bidders will be allowed to Jet Airways’ data room to know where the company really stands before they can place binding bids which should be by the end of May this year.
SBI Capital Markets has the mandate for Jet Airways’ sale in aid of the SBI-led consortium of domestic lenders for the cash-strapped Indian airline. The airline has more than Rs. 80 billion in debt.
