Now, Anil Agarwal backs out of Jet deal

It had submitted an EoI for Jet as it wanted to understand the business scenario for the company and the industry.

A day after publicly announcing its interest in grounded Jet Airways,mining baron Anil Agarwal on Monday said he is no longer interested in pursuing the same.

On Sunday, Agarwal's investment company Volcan Investment, had submitted an expression of interest in buying Jet Airways.

But Monday in a statement Agarwal said, "the EoI for Jet Airways by Volcan was exploratory in nature. On further evaluation and considering other priorities, we intend to not pursue this further."

It had submitted an EoI for Jet as it wanted to understand the business scenario for the company and the industry, the statement added.

The move leaves just two unnamed financial investors in the fray for the limited assets of the airline which stopped flying mid-April and is currently facing insolvency proceedings.

Photograph: Reuters