NIFTY 50

Vedanta’s Anil Agarwal willing to take small stake in Jet Airways to ‘give support’

Updated : August 29, 2019 04:05 PM IST

Anil Agarwal, chairman and founder of metals and mining major Vedanta Resources Limited, said he was willing to take a small stake in the now-defunct Jet Airways to “give support”.

“I can be of help to them in whatever manner because everybody is ready to revive (the airline) and the government is also keen. Therefore, I just wanted to know what went wrong but never thought that we will be looking at diverting ourselves into airline business,” Agarwal told CNBC-TV18 in an interview.

In April, Jet Airways suspended all its operation due to severe cash crunch. The airline has a debt of Rs 8,500 crore.

Earlier this month, Agarwal's family trust, Volcan Investments, had withdrawn its expression of interest for Jet, a day after showing its interest in the grounded airline.

"The EoI for Jet by Volcan was exploratory in nature. On further evaluation and considering other priorities, we intend to not pursue this further,” Agarwal then said.

Speaking about owning an aviation company, he said, “I understand India, if they want me to take small equity, I will take it through my holding company just to give them a support. I am just looking hypothetically because in comparison to the world India has not done anything.”

The mining tycoon, who said flying from London had become difficult for him since Jet Airways went off the skies, praised the services of the grounded airline. "It was a class airline at a good price," he observed.

Agarwal says the Air India divestment plan is a great opportunity though he is not keen on investing in the national carrier. “At the moment we are absolutely not interested but it’s a fantastic opportunity for anybody else to look at,” he opined.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV