Jet Airways (JAI, Mumbai International) has received resolution plans from two out of four pre-qualified bidders, Resolution Professional Ashish Chhawchharia said in a stock market filing.
While Chhawchharia did not confirm the identity of the two consortia, CNBCTV18 has reported that one includes UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan, while the other includes Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter, and Abu Dhabi's Imperial Capital Investments LLC.
Chairman of Imperial Capital Biraja Jena told Moneycontrol that the latter has secured USD100 million to relaunch the carrier with five to ten narrowbody aircraft. The consortium is also understood to be backed by private equity fund Xponentia, which has earmarked INR1 billion rupees (USD13.4 million) for investment into Jet Airways through the Flight Simulation Technique Centre.
While less is known about the other consortium, it reportedly proposed to relaunch Jet Airways with around 20 aircraft and was loosely linked to founder, owner, and former chief executive, Naresh Goyal.
The Committee of Creditors will discuss the plans during a meeting on July 30.
Meanwhile, the airline said that it lost INR55.4 billion (USD740.7 million) during the fiscal year ended March 31, 2019, its last year of operations. Jet suspended all flights in April 2019 and commenced insolvency proceedings on June 20, 2019. This latest attempt to find an investor is the airline's fourth and final go after the failure of the previous three.
