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techkenyot.com April 21, 2019


Naresh Goyal opts out of bidding for ailing Jet Airways

16 April 2019, 02:38 | Hattie Nash

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Jet Airways

In an internal communication, chief executive Vinay Dube also said the airline's board will meet Tuesday to discuss the next step for the carrier.

Shares of the debt-laden Jet Airways plunged as much as 18.56 per cent on the BSE, its worst session in over three years, to hit intraday low of Rs 213.20.

Amid acute financial crunch crippling its operations, Jet Airways management is awaiting clarity on receiving fresh funds after which a decision would be taken on continuing operations.

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SBI Capital Markets has the mandate for Jet Airways sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.

The airline has suspended all its global flights till April 18 and its board is trying to chalk out future course of action after the airline failed to get emergency funding from lenders.

Separately, a government official told media the funding for the airline was likely to come through and that the banks were not looking to take the airline to bankruptcy court.

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In another development, Jet Airways founder and former chairman Naresh Goyal opted out from the bidding process for a stake in the company.

A body representing Jet Airways pilots had earlier on Monday appealed to Prime Minister Narendra Modi to save jobs at the airline and urged the State Bank of India to infuse the struggling carrier with Rs 1,500 crore as part of a rescue deal that was agreed upon last month. Meanwhile, the airline has extended suspension of its worldwide operations till April 18.

Business channel CNBC TV18, citing unnamed sources, said Jet's CEO has been authorised by directors at a board meeting to engage with its lenders one last time, and halt operations late Tuesday, if no funds arrive.

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What was once a 123-aircraft fleet has now been reduced to a meagre seven-plane operation.



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