Lenders led by the State Bank of India (SBI) expect a new investor for Jet Airways to be in place by the end of May or early June after Naresh Goyal stepped down from the airline’s board on Monday as part of a resolution plan designed to bring the airline out of a crisis.
The bidding process to bring in the investor will start next month. Goyal may still have a chance to get back the airline he founded as SBI chief Rajnish Kumar told a news channel that the founder or even Etihad would not be barred from the auction. The stake purchase will be governed by the rules of the ministry of civil aviation and other regulators such as Sebi.
