Jet Airways to fly again; JKC commits Rs 350 cr infusion
Jet airways
By Kumar Vikram
New Delhi, September 29: Jalan Kalrock Consortium (JKC), the new proposed promoters of Jet Airways, on Friday completed an additional infusion of Rs 100 crores, reaffirming its commitment to a successful resurgence of Jet Airways. The move has given hope for the revival of the ailing Jet Airways, which shut down its operations, while struggling with the financial crisis.
With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline. In a statement on Friday, JKC said, “The consortium’s strategy to revive the airline remains unaltered. The new promoters are determined to re-establish the operations of the airline up and running in 2024.”
Further announcements regarding the launch date of Jet Airways will now be made in the coming weeks. Jet Airways is being revived under the Insolvency and Bankruptcy Code as per the National Company Law Tribunal (NCLT) approved resolution plan of Jalan Kalrock Consortium.
Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India. Before it suspended operations in April 2019, Jet Airways flew to over 65 destinations in India and across the world with 124 narrow-body and wide-body aircraft.
In a first in Indian aviation history, an airline is being revived under its own name after being grounded for an extended period. “Well-capitalized and led by seasoned industry professionals, Jet Airways in its new avatar will be India’s most people-focused and customer-friendly airline, updated for the Digital Age. It will be a ‘smart’ full service carrier with a two-class cabin configuration, including a business-class cabin designed to global standards and an evolved new-generation economy class that offers today‘s travelers what they value most,” said an official of the consortium.
If Jet Airways indeed begins flying, it will face competition with the newly launched Akasa Air, while Air India is now in the hands of Tatas.
About The Author
