Jet Airways Ltd, the full-service airline which went bankrupt in 2019, is planning to resume services by summer 2021.
A consortium led by Dubai-based entrepreneur Murari Lal Jalan and London-based Kalrock Capital have announced a revival plan for the ailing airline, which halted operations in April last year.
They said: “The Jet 2.0 program is aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes.”
The new promoters contemplated starting a new airline but chose to stick to the Jet brand due to the existing brand value, connect with customers and important flight slots at different airports.
The airline’s hubs will remain Delhi, Mumbai and Bengaluru like before. “The revival plan proposes to support Tier 2 and Tier 3 cities by creating sub-hubs in such cities,” the consortium said.
As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations.
The statement comes just days before a resolution plan submitted by the consortium is to be heard at the National Company Law Tribunal on December 11. Approval is mandatory before going forward with the plan.
Notably, shares of grounded airline Jet Airways hit the upper circuit of five per cent soon after the news broke out.
The airline had shut down its operations on April 17, 2019, owing to a liquidity crisis. The move affected 20,000 employees and over 60,000 people indirectly.