New Delhi/Mumbai: The advent of a new investor is critical to Jet Airways’ future and survival, its finance chief said. “For sure,” Amit Agarwal said, when asked if the airline’s future depended on a new buyer. He spoke to ET in the first instance of a senior Jet executive speaking on record on the situation at the airline and its future, since its troubles started last year.
The bidding process and search for a new investor, slated to be implemented in the April-June quarter, cannot be “impaired in any manner”, he added.
Agarwal’s stress on a new investor would be critical in ruling out speculation over current partner Etihad Airways or founder Naresh Goyal making a comeback in the bidding process. Goyal stepped down as the chairman and from the board on Monday. Etihad has communicated to Jet’s banks that it wanted to exit the local airline. Agarwal, however, said the bidding process would be “nonrestrictive” and both Goyal and Etihad could participate if they wanted.
“As always, Etihad continues to work closely with lenders, Jet management and key stakeholders to facilitate a solution for Jet Airways,” Etihad said in a response to ET’s request for comment.
Jet’s lenders are taking over a majority (50.1%) of the airline and plan to call for bids from prospective investors starting April 9. They aim to wrap up the process by June-end.
26/03/19 Mihir Mishra/Economic Times
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The bidding process and search for a new investor, slated to be implemented in the April-June quarter, cannot be “impaired in any manner”, he added.
Agarwal’s stress on a new investor would be critical in ruling out speculation over current partner Etihad Airways or founder Naresh Goyal making a comeback in the bidding process. Goyal stepped down as the chairman and from the board on Monday. Etihad has communicated to Jet’s banks that it wanted to exit the local airline. Agarwal, however, said the bidding process would be “nonrestrictive” and both Goyal and Etihad could participate if they wanted.
“As always, Etihad continues to work closely with lenders, Jet management and key stakeholders to facilitate a solution for Jet Airways,” Etihad said in a response to ET’s request for comment.
Jet’s lenders are taking over a majority (50.1%) of the airline and plan to call for bids from prospective investors starting April 9. They aim to wrap up the process by June-end.
26/03/19 Mihir Mishra/Economic Times
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