Monday, June 21, 2021

Jet Airways clears key hurdle in comeback bid

Dubai: The UAE investor-led consortium, which has taken over the ownership of the grounded Jet Airways, has been given assurance of 170 pairs of slots by around 30 airports, a key development in the airline’s protracted efforts to stage a comeback after more than two years.

The consortium, which includes Murari Lal Jalan, a UAE-based investor, expects to restart operations of the defunct airline in four to six months once after receiving the approval for its revival plan from the National Company Law Tribunal, India’s top bankruptcy court.

The consortium, also comprising Kalrock Capital, a London-based investment fund, submitted a Rs10 billion plan to re-launch the debt-ridden airline in November 2020. It believes it is vital for some of these slots to be restored or the plan to operate to airline will not be viable, sources told the paper.

The new owners are reportedly in talks with the government about the availability of slots. Jet Airways is also in talks with Airbus and Boeing for fleet expansion under a five-year plan, a reliable source said.

Before it stopped operations in April 2019, Jet Airways had close to 700 slot pairs, including 116 and 214 in prime airports of Delhi and Mumbai, according to airline sources. Those slots were allotted to other domestic carriers following the grounding of Jet Airways in April 2019.

21/06/21 Issac John/Khaleej Times

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