Mumbai: A Delaware entity, Future Trend Capital, is understood to be backing the offer by Naresh Goyal’s Jetair to invest in Jet Airways, the distressed airline that is facing a severe cash crunch, employee anger over delayed salaries and grounded planes.
Jetair is the general sales agency (GSA) that birthed Jet Airways.
On Friday, the bid from the Future Trend-Jetair consortium came in at 6:08 pm, eight minutes after the deadline for submitting expressions of interest (EoIs). Jet’s lenders may weigh this factor, among others, while selecting investors for the airline that is desperately seeking fresh capital.
The Jetair spokesman had not responded till press time to ET’s emailed queries on Goyal’s connection with Future Trend and the delay in submitting the EoI.
While not much is known about Future Trend, it is believed to have pockets deep enough to propose an interest in bidding for Jet.
Sources said Adi Partners, a London-based firm, is also associated with the consortium of Jetair and Future Trend.
According to the conditions in the bidding document, an investor needs to have a net worth of Rs 1,000 crore and allotted funds of Rs 1,000 crore more to invest in Jet.
“Technically, there is nothing that stops Goyal and his associates from bidding. The forensic report has so far not gone against him. Also, Jet Airways is not a case under the Insolvency and Bankruptcy Code that bars existing promoters from re-entering. But after being almost nudged out from the board and management, it’s a call the bankers would have to take,” said a banker.
15/04/19 Anirban Chowdhury/Sugata Ghosh/Economic Times
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Jetair is the general sales agency (GSA) that birthed Jet Airways.
On Friday, the bid from the Future Trend-Jetair consortium came in at 6:08 pm, eight minutes after the deadline for submitting expressions of interest (EoIs). Jet’s lenders may weigh this factor, among others, while selecting investors for the airline that is desperately seeking fresh capital.
The Jetair spokesman had not responded till press time to ET’s emailed queries on Goyal’s connection with Future Trend and the delay in submitting the EoI.
While not much is known about Future Trend, it is believed to have pockets deep enough to propose an interest in bidding for Jet.
Sources said Adi Partners, a London-based firm, is also associated with the consortium of Jetair and Future Trend.
According to the conditions in the bidding document, an investor needs to have a net worth of Rs 1,000 crore and allotted funds of Rs 1,000 crore more to invest in Jet.
“Technically, there is nothing that stops Goyal and his associates from bidding. The forensic report has so far not gone against him. Also, Jet Airways is not a case under the Insolvency and Bankruptcy Code that bars existing promoters from re-entering. But after being almost nudged out from the board and management, it’s a call the bankers would have to take,” said a banker.
15/04/19 Anirban Chowdhury/Sugata Ghosh/Economic Times
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