"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," Agarwal said in a statement.
According to Agarwal, Jet Airways was the pioneer to open skies in India after Air India and created a "world class airline with finest team and connected" numerous global and domestic destinations.
"India is among the largest and fastest growing aviation markets in the world and I am sure many airlines and investors will look at this opportunity," he said.
The development comes a day after the investment company showed interest in Jet Airways. It had submitted an EoI for the debt-ridden airline.
"Volcan Investments, investment company for Anil Agarwal, in an exploratory move, has sought an EoI for Jet Airways, to understand the business scenario for the company and the industry," the company had said in a statement on Sunday.
It, however, added that the EoI is in "no way linked to Vedanta".
The EoIs will be examined by resolution professional Ashish Chhawchharia to verify their eligibility. The final bids are to be submitted by September 12.
Currently, the airline is under the NCLT process, under which a commitee of creditors has invited EoI from potential bidders.
If a bid is approved by a majority of CoC members, only then the resolution can move ahead. A formal concurrence from the NCLT, though, will be required.