Jet Airways stake sale: Naresh Goyal may submit bids for cash strapped airline today

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Updated: April 11, 2019 1:39:26 PM

"Naresh Goyal is expected to submit initial bids for Jet Airways sale today (Thursday)," a source close to Goyal said. The bidding norms allow Goyal to participate in the sale process. Goyal's response on the issue was awaited.

Jet Airways stake sale, naresh goyal, SBi caps, Rajnish Kumar, Etihad airways,  Jet Airways sale, SBI chairmanSBI chairman Rajnish Kumar last month said, “It could be financial investor, it could be airline… including Naresh Goyal himself or Etihad. Nobody is barred from bidding or taking over the airline as per the rule.”

Former Jet Airways chairman Naresh Goyal is likely to submit initial bids for stake in the airline on Thursday, sources said. SBI Caps, which invited Expression of Interest (EoI) for stake sale in Jet Airways on April 8, has already extended the date for submission of bids to April 12 from April 10 earlier. SBI Caps has the mandate for Jet Airways’ sale on behalf of the SBI-led consortium of domestic lenders to the debt-ridden private carrier.

It has put between 31 per cent and up to 75 per cent in the airline for investors. “Naresh Goyal is expected to submit initial bids for Jet Airways sale today (Thursday),” a source close to Goyal said. The bidding norms allow Goyal to participate in the sale process. Goyal’s response on the issue was awaited.

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SBI chairman Rajnish Kumar last month said, “It could be financial investor, it could be airline… including Naresh Goyal himself or Etihad. Nobody is barred from bidding or taking over the airline as per the rule.” Naresh Goyal, the founder of Jet Airways, and his wife Anita Goyal last month stepped down from the board of the ailing airline, ceding majority control to the consortium, following reduction in their stake as per the resolution plan formulated by the lenders. The airline currently owes Rs 8,000 crore to lenders, led by the SBI.

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