Mumbai, Sept13:
Jet Airways will resume domestic operations by the first quarter of 2022, an investor consortium, whose resolution plan was approved by India's bankruptcy court earlier this year, said on Monday.
Jet Airways 2.0 will have over hundred aircraft in five years, the Kalrock-Jalan consortium said in a statement on Monday.
“Jet Airways 2.0 aims at restarting domestic operations by Q1-2022 and short haul international operations by Q3-Q4 of 2022. Our plan is to have 50 plus aircraft in three years and over 100 aircraft in five years. This also fits perfectly well with the short-and long-term business plans of the consortium. The aircraft are being selected based on a competitive long-term leasing solution,” said Murari Lal Jalan, the consortium’s lead member. Jalan will take up the post of non-executive chairman.
Process for revalidation of the airline’s operating certificate is under way and the consortium is also in talks with airports for night parking facilities and slots.
The airline will be headquartered in Delhi and operate its first flight on the Delhi-Mumbai route, it added.The consortium has hired around 150 employees and is in discussion with aircraft lessors.
Once India's biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.
The defunct airline had said in June that the National Company Law Tribunal (NCLT) approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.
The bankruptcy court's go-ahead came several months after Jet's creditors had given their approval in October last year to the resolution plan submitted by the consortium.
"Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by Q3/Q4 2022," Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium and the proposed Non-Executive Chairman of Jet Airways said.
Jet, which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai, said it has already hired over 150 full-time employees and is looking to onboard another 1,000 employees in FY 2021-22 across categories.
Shares of Jet Airways hit their upper circuit and were trading at 84.40 rupees a piece.