Besides expanding the equity base of the premier Indian carrier, a major reason for Goyal to dilute part of his shareholding in Jet from 80 per cent has been the FIPB order to bring it down to regulatory levels.
The airline's chief financial officer Ravishankar Gopalakrishnan will be acting as the CEO.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Private carrier Jet Airways on Monday said Ravi Chaturvedi has quit the company as Group CEO in March, ahead of his scheduled departure in June.
Jet Airways on Thursday announced the appointment of Wolfgang Prock-Schauer as chief executive officer and Peter Luethi as chief operating officer with immediate effect.
Three months after joining the budget carrier JetLite, Finnish CEO Maunu von Lueders plans to quit the organization at a time when its parent Jet Airways intends to merge the back-end operations to cut costs.
Jet Airways will restart domestic operations by the first quarter of 2022 and short haul international flights by the last quarter of the next year, Jalan Kalrock Consortium, the winning bidder for the grounded airline, stated on Monday. The first flight of Jet Airways would be on Delhi-Mumbai route, it mentioned, adding that the airline would now be headquartered in Delhi instead of Mumbai. The National Company Law Tribunal (NCLT) in June this year had approved the Jalan Kalrock Consortium's resolution plan for Jet Airways, two years after the once-storied full-service carrier went into insolvency proceedings.
Jet Airways has been looking at various ways to raise funds amid acute liquidity crunch that has forced it to ground aircraft, cancel flights in large numbers, shutdown stations and delay salary payments to its pilots and engineers along with other senior staff.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
However, while the capacity void in the domestic market has been filled, a vacuum still remains in international connectivity, especially on the India-Europe and onwards route, which was well connected by Jet Airways via the Boeing 777, Airbus A330 aircraft and its hubs in Paris and Amsterdam.
According to the monthly traffic data for November, released by the Directorate General of Civil Aviation on Wednesday, IndiGo continues to lead the pack with a market share of 27.3 per cent.
Jet Airways' Acting CEO and Chief Financial Officer Ravishankar Gopalakrishnan has resigned, sources said on Tuesday, the latest in the high-profile exit from the private carrier.
"We will not let this company go down and will not tolerate this casual talk to dismantle this company piece by piece and give it as doles to airlines of your choice," an open letter said.
Indian airports' push to become global hubs will depend on reducing passenger leakage to rival airports abroad, scaling up direct long-haul connectivity, and offering transfer experiences that are faster, smoother, and more attractive than those of regional competitors, said panellists at the Business Standard Infrastructure Summit on Thursday.
Prock-Schauer, 56, succeeds Hartmut Mehdorn, who was CEO on an interim basis since September 1, 2011, the company said, adding that Mehdorn will continue to serve as a non-executive director of the Board.
Shares of Jet Airways on Wednesday tanked over 10 per cent in the morning trade as the airline has posted its highest-ever annual loss of Rs 4,129 crore (Rs 41.29 billion).
The Etihad delegation was led by its CEO James Hogan at the meeting, which was also attended by Jet Airways promoter Naresh Goyal.
The pilots and other senior staff have not been getting their full salaries since December.
The firm, udChalo, is a portal founded by the wards of Army men and it provides for personal travel needs of armed forces, paramilitary forces and their family members.
The top executives who have put in their papers with immediate effect include Jet's chief executive officer (CEO) Vinay Dube, chief finance officer (CFO) and deputy CEO Amit Agarwal and company secretary Kuldeep Sharma.
The Jet Airways of old is no more and the industry mourns its demise. Anjuli Bhargava reports.
The carrier has deployed Airbus 330-200 aircraft on the route.
The Raj Thackeray-led Maharashtra Navnirman Sena (MNS) on Monday asked private carrier Jet Airways to make announcements in Marathi and also Marathi movies and newspapers mandatory in flights operating from Mumbai.
Confirming this, Jet Airways' CEO, Wolfgang Prock-Schaeur, said, "In the process of integrating the airlines, which is a must to keep JetLite afloat, there will be a shift of certain employees from JetLite to Jet and the workforce for both the airlines will be combined."
The airline will deploy Airbus 330-200 aircraft for the purpose.
Indian Airlines and Jet Airways on Friday revised the advance purchase fares in most of the sectors from next month.
The airline has failed to address fliers' fears and has been opaque about the allegations of tax and financial fraud, giving rise to apprehension that Jet Airways may be headed the Kingfisher way.
Jet Airways, part-owned by Abu Dhabi's Etihad, reported its biggest-ever quarterly loss as costs jumped and it took a charge on its investment in a subsidiary.
He urged employees to bear with him in this difficult situation a little longer, till the airline emerges out of turbulence and fiscal challenges.
According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
Independent directors were supposed to safeguard the interest of all stakeholders.
Jason Unsworth is the founder and CEO of Atmosphere Intercontinental Airlines, which would establish a new premium airline group in four different countries.
A mix of financial and strategic mistakes combined with poor expectations of the management are the reasons for the downfall of Indian airlines. For Jet, the deathly potion was even more toxic on account of the bitter squabbles between promoter Naresh Goyal and strategic partner Etihad Airways.
Dubai-based Emirates Airline has termed reports that it is holding discussions with Indian carrier SpiceJet for buying a stake in the airline as 'inaccurate' and said that it was busy with its own expansion plans.
Darwin Group has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline
Even in ruin, Jet retained its one essential brand quality: Dignity, says brand guru Sandeep Goyal.
After 18 months of closure, what really could be salvaged? And the answer sadly is, precious little, Patience, perseverance and plenty of moolah is the way forward even assuming intent is in place, says Anjuli Bhargava.
Etihad to have 2 directors even if it dilutes stake to 15%
The Wadia-group promoted private carrier GoAir's Chief Executive Officer (CEO) Edgardo Badiali, is believed to have has resigned from his post.
Jet Airways on Tuesday announced the introduction of direct flights between London and Ahmedabad.
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