Bankrupt Indian carrier, Jet Airways may take to the skies as early as summer 2021 if the partners are successful in regaining domestic slots.
UAE-based businessman Murari Lal Jalan and London-based Kalrock Capital have secured approval by the carrier’s creditors for Jet’s revival and the pair are now said to be in talks with regulators over full reinstatement of Jet’s former domestic slots.
Once the nation’s largest airline by market value and a full-service fleet of more than 120 aircraft to domestic and international hubs including Singapore, Dubai, and London, it suffered an ignominious fall in the months leading up to April 2019 when finally it was declared bankrupt. Attempting to compete with low-cost rivals, Jet accumulated an estimated debt of USD 4.1 billion before being forced to suspend operations.
Dubbed ‘Jet 2.0’, under the revival plan, the consortium partners say the Jet 2.0 programme 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.”
“We aim to re-energise the brand by infusing energy, warmth, and vibrancy into it while making it bigger and better,” says Manoj Narender Madnani, board member of Jalan Kalrock Consortium.
Delhi, Mumbai, and Bengaluru will continue to be the carrier’s key domestic hubs with a proposal to extend services to Tier 2 and Tier 3 cities by creating sub-hubs.
“This will boost the economy in these cities, help Jet Airways stand back on its feet fast, and support the overall vision of the Indian government to promote aviation business through Tier 2 and 3 cities in India,” the partners say.