Jet Airways is SBI’s first account under Project Sashakt
The crisis hit Jet Airways is the first account for State Bank of India (SBI) under Project Sashakt. In an interview to DNA published today, SBI chairman Rajnish Kumar said, “Jet Airways is going to be the first case (under Project Sashakt).” Asked if he is hopeful about conversion of Jet Airways’ debt into equity under Project Sashakt, Kumar said, “Resolution plans on other projects are in process and we will tie up on several things. However, processes laid down under ‘Project Sashakt’ such as an independent screening committee will also examine the resolution plan,” said Kumar. As SBI hopes to resolve the Jet mess, here’s a look at what is Project Sashakt and how it works.
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