Jet Airways Founder Naresh Goyal Drops out of Bid Race

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Jet Airways founder and ex-chairman Naresh Goyal left himself out of the auction contention for his debt-ridden, cash-strapped private carrier on Tuesday.

The beleaguered 123-fleet airways now at 7 is under consideration for infusion of cash by the SBI led consortium of banks with Naresh Goyal stepping down from the airlines chairmanship last month.

Earlier, Goyal had staked himself up in the bidding procedure on April 12 but later changed his decision and quitted with losses mounting over Rs. 10,000 crore.

The SBI Capital Markets on behalf of the SBI led group of banks has the elective power for the sale of the private carrier.

The management had a meeting on this matter on Tuesday and the employees and staff of the private carrier have decided to continue with their strike till April 18.

The SBI led group last month had decided to infuse 1500 crore rupees in the cash-hit airways.

Meanwhile, the grounding of the air planes of the airways has led to its lenders showing interest in the carrier from possible investors.

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