Jet Airways Ltd, the full-service airline that went bankrupt in 2019, could be back in the skies as early as the summer of next year as the new promoters, Murari Lal Jalan and Kalrock Capital, intend to start domestic operations and international with all the slots that were available to the airline before it stopped operations.
The new promoters contemplated starting a new airline, but chose to stick with the Jet brand due to existing brand equity, connecting with customers and significant flight slots at different airports.
Under the resolution plan, Jet Airways intends to operate all of its historic domestic time slots in India and restart international operations. 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 summer 2021, according to a statement issued by the company.
The new management of the airline on the ground has also approached top executives from the aviation industry to run day-to-day operations.
“The vision of the Consortium is to make up lost ground, to set new benchmarks for the airline industry with the label of being the best full-service corporate airline operating on national and international routes. Jet 2.0 hubs will remain Delhi, Mumbai and Bengaluru as before. The reactivation plan proposes to support Tier 2 and Tier 3 cities by creating sub-centers in those cities, “the statement said.
On October 18, Jet Airways lenders approved the resolution plan submitted by UK-based Kalrock Capital and UAE-based businessman Murari Lal Jalan to reactivate and operate the airline over a year after the airline was suspended due to the acute funding crisis under the ownership of its founder Naresh Goyal.
Jet Airways had already received offers from two consortia, one made up of UK-based Kalrock Capital and UAE-based businessman Murari Lal Jalan, and the other by Haryana-based Flight Simulation Technique Center, Big Charter based in Mumbai and Imperial Capital Investments Llc of Abu Dhabi. .
With the resurgence of Jet Airways, it will restore the confidence among Jet customers to fly again and experience its world-class facilities.
“Jet Airways has been a brand with a glorious history of more than 25 years, and the vision of the consortium is to get Jet Airways back to the skies at the earliest opportunity. Our goal is to reinvigorate the brand by infusing it with energy, warmth and vitality while making it bigger and better, “said Manoj Narender Madnani, Board Member of the Jalan Kalrock Consortium.
“Over the years the brand has built loyal customers and we want to bring freshness by adding value: an Indian brand with a global perspective, warm but professional that symbolizes New India, Young India. With the resurgence of Jet Airways, it will restore confidence among Jet customers to fly again and experience its world-class facilities, “he added.
In addition to the passenger operation, the new management will also focus on cargo operations to improve the airline’s top line.
The new management’s vision for Jet 2.0 includes a plan to increase freight services to include dedicated freight service, a market currently underserved by any Indian carrier. Given India’s position as a leading global hub for vaccine manufacturing, freight services have never been more necessary, the above statement noted.
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