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1-min read

Former SBI Chief AK Purwar Likely to be Named as Jet Airways Chairman: Report

While the lenders are in favour of Purwar being named the new chairman, the board will have to approve his appointment before it can be finalised.

News18.com

Updated:March 27, 2019, 9:37 PM IST
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Former SBI Chief AK Purwar Likely to be Named as Jet Airways Chairman: Report
Representative image. (Reuters)
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New Delhi: Two days after Naresh Goyal stepped down as the chairman of the cash-strapped Jet airways,Arun Kumar Purwar is likely to be named the new chairman of debt-ridden Jet Airways, according to reports. Purwar is head of the State Bank of India (SBI).

As per the new resolution plan for the airline, the SBI-led consortium will have two nominees on the board. While Purwar is likely to be one of them, the other nominee could be from one of the private lenders like IDBI Bank, ICICI Bank or Yes Bank, that have a large exposure to Jet Airways, sources pointed out.

While the lenders are in favour of Purwar being named the new chairman, the board will have to approve his appointment before it can be finalised.

One of the bank chiefs, with exposure to Jet Airways, told CNBC-TV18 that Jet Airways would be holding a board meeting soon to approve Purwar’s name for the post of chairman.

Naresh Goyal stepped down as the chairman of Jet Airways on March 25, giving in to pressure from lenders who are owed over Rs 8,200 crores in debt and agreed to infuse a further Rs 1,500 crore into the airline after taking over majority control in it.

From 2002- 2006, Purwar served as the chairman of SBI and has served as independent director in companies across telecom, steel, textiles, hospitals, power, auto components, renewable energy, engineering consultancy and financial services.
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