Jet Airways shares have risen more than 5 times from the lows of 15 rupees reached in March this year.
Shares of Jet Airways were locked at a 5 percent higher loop to Rs 75.60 on the BSE a day after its new owners announced a revival plan for the troubled airline, which halted operations in April last year due to bankrupt amid heaps of debt. A consortium, led by Dubai-based businessman Murari Lal Jalan and London-based Kalrock Capital, said in a statement: “The Jet 2.0 program aims to revive the past glory of Jet Airways, with a new set of processes and systems to guarantee greater efficiency and productivity on all routes “.
Once the largest airline in the country by market capitalization, Jet Airways plans to operate all of its historic domestic time slots in the country and also resume international operations once it receives approvals from regulators and the National Court of Company Law. , the country’s bankruptcy court.
“If all goes according to plan and the consortium receives NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the summer of 2021,” the group said.
The revival plan comes at a time when many of the world’s airlines are struggling to recover from a slowdown caused by COVID-19, which sent the aviation market into a tailspin, forcing many airlines to shut down.
The airline’s creditors have already approved the reactivation plan, which was presented by the consortium in October. Jet Airways has almost 21,000 creditors seeking claims of Rs 44,000 crore, and they have confiscated most of its landing spaces.
Jet Airways shares have risen more than 5 times from the lows of 15 rupees reached in March this year.
As of 12:17 pm, Jet Airways shares were up 5 percent and there were more than 4.84 lakh of pending purchase orders on the BSE.
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