Reportedly "Volcan Investments, Investment Company for Anil Agarwal, in an exploratory move, has sought an EoI for Jet Airways, to understand the business scenario for the company and the industry," the trust said in a statement on Sunday. It, however, added that the EoI is in "no way linked to Vedanta".
Meanwhile EoI is more of a way for Anil Agarwal to understand the aviation industry and the airline and that no final decisions have been made. Furthermore the same report quotes instances where Agarwal has taken risks to pull off acquisitions of distressed companies and turned them around. Cairn india, Hindustan Zinc and Balco are some of the examples. Perhaps the EoIs will be examined by resolution professional Ashish Chhawchharia to verify their eligibility. The final bids are to be submitted by September 12.
Hence apart from Volcan, panama-based fund Avantulo Group and a Russian firm have also sent in their EoIs as per several media reports. Moreover EoI don’t necessarily mean that that these companies have bid for the airline yet and it determines the level of interest there is in the airline. Accordingly lenders are expecting these three firms to put in bids after the deadline was extended to accommodate more EoIs and the deadline for submitting EoIs was August 10.
