Russian President Vladimir Putin headed fund shows interest in Jet Airways

February 19, 2020: Far East Development Fund, the Russian government-backed financing institution and chaired by Russian President Vladimir Putin, in consortium with Indian Enso Group showed their interest in bidding for the bankrupt Indian airlines Jet Airways.

“The Russian government-owned fund met lenders over a video-conference and proposed synergizing Jet’s operations with Russia’s flagship carrier, Aeroflot,” reported Financial Express.

Far East Development Bank
The fund was established in November 2011 by the decision of the supervisory board of Vnesheconombank, chaired by the Russian president. “The fund facilitates the inflow of investments to the Far East and Baikal region by providing preferential financing and long-term financing of prioritized investment projects in various industries such as infrastructure, upstream and downstream production of minerals, support of SMEs and agriculture,” says the website.

Insolvency process of Jet Airways
Meanwhile, Committee of Creditors (CoC) extended the deadline for submitting the bids to March 10, 2020, as the new fund expressed interest in the airline. Synergy Group, the South American conglomerate and the Indian Prudent ARC earlier showed interest to bid for the same but failed to do so in the timeline provided.