Is this the end? Jet Airways looks into ops suspension

Is this the end? Jet Airways looks into ops suspension

At its peak, Jet operated over 120 planes and well over 600 daily flights.

Fugitive businessman and owner of the now-defunct Kingfisher Airlines Vijay Mallya on Wednesday attacked the Modi government for allegedly discriminating between state-owned and private airlines while extending his sympathies to Jet Airways founder Naresh Goyal and his wife Neeta. Families have grown up with Jet Airways and have come to love our people as much as our brand.

The loyalty and rewards management company said that it is a separate, independent entity, and is a part of the Etihad Aviation Group.

Jet Airways, the Mumbai-headquartered airline, will be suspending operations from today, April 17, 2019, on a temporary basis.

"This (temporary grounding) decision has been taken after a painstaking evaluation of all alternatives that were made available to the airline and after receiving guidance and advice on the same from the board", the airline said, adding it has informed the civil aviation and finance ministries besides the regulator DGCA, of its decision.

JetPrivilege recently entered into a strategic partnership with Indian Oil Corporation Limited (IOCL) where members can now earn and redeem JPMiles for their fuel transactions. "Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian Lenders", a spokesperson said.

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In a press statement this morning, Jet Airways said it was unable to pay for fuel and other service to keep flights going.

Essential services needed to support guest services and the re-commencement of the flight operations will be kept onboard until further notice.

Jet and its lead lender State Bank of India (SBI) did not immediately respond to requests for comment. The bid documents inter alia has solicited plans for a quick revival of the company.

Earlier on Tuesday, Indian business channel BTVI said Jet's board had authorized Dube to seek a minimum of 4 billion rupees (S$78 million) in interim funding, and had advised him to ground the airline if no funds materialized. While the news are yet to be made official, Indian media already reports four companies have been shortlisted: Indigo Partners, National Infrastructure and Investment Fund (NIIF), TPG Capital, Indigo Partners, and Etihad Airways, which now holds 12% stake in the airline. It is offering stake from 31.2 to 75 per cent of the company on a fully diluted basis.

However, there is still hope that Jet may take to the skies again in some form.

The airline had 119 planes on December 31, when it first defaulted on some of its more than $1 billion in debt. Even during the toughest of times every employee has worn a smile on their face and put their duty to our guests and the nation first.

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