The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
The guild, which claims to represent around 1,100 of the 1,600 Jet pilots, had earlier warned to go on strike from April 1, unless their salary dues were cleared and clarity was provided on future payments by March 31.
The long-standing dispute over Jet Airways buying out Air Sahara appears to be heading for a solution with the arbitration panel set to give its final order on Wednesday.
Competition Commission has held on to its observation about Etihad gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24% stake purchase, while rejecting a plea to "rectify" its order that approved the deal earlier this month.
Jet Airways launched direct flights to the Kuwait and Bahrain, thereby meeting the rising demand for connectivity with Gulf. It is the first private airline to fly to Gulf.
There could be a fare war in the Indian skies to beat competition from Vistara.
Etihad last year picked up 24 per cent stake in Jet Airways
Abu Dhabi is no longer exclusive hub for Jet, Etihad won't recommend candidates for Jet management.
'In 50 seconds, the pilots were fighting drag, trying relight, throttling up and avoiding obstacles.' 'They had neither height nor speed. There was no margin.'
The Foreign Investment Promotion Board (FIPB) on Monday cleared Abu Dhabi-based Etihad Airlines buying 26 per cent stake in Jet Airways for Rs 2,058 crore (Rs 20.58 billion) with some conditions.
While the airline is accommodating passengers on available flights, this is resulting in extending travel time and detour for customers.
Etihad to have 2 directors even if it dilutes stake to 15%
In an emotionally-charged letter to the 22,000-strong employees, Goyal said the approval of the debt-recast plan will put the carrier on a "sounder and sustainable" financial footing.
Over 70 per cent of Jet's fleet has been grounded, leading to massive cancellations.
With the airline's operations suspended, how are you navigating this crisis?
Move aims to comply with Sebi's norm
In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE.
Naresh Goyal, after being ousted with his wife from the board last week, and with his shareholding halved to 25 per cent, can still make a comeback by partnering a new investor and win back majority control.
Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
Sebi wanted Jet to convince it that the deal did not amount to joint control alongside promoter Naresh Goyal.
Carrier in denial, even as Paramount looks for a buy.
The deal will improve debt-equity to a manageable level of 3.8 and support its share price, thereby lessening the pain for shareholders.
Navi Mumbai airport's construction is facing delays, and is likely to commence commercial operations in 2025 instead of 2024, aviation consultancy firm CAPA has said in a report. When asked about this matter, the Adani Group told Business Standard that the Navi Mumbai airport project is "being executed as per scheduled implementation plan and will be operational by the original target date of December, 2024, without any delay". Navi Mumbai International Airport Limited (NMIAL), responsible for both the construction and operation of the airport, is a subsidiary of the Adani Group.
Under the fare policy announced, domestic passengers opting for lowest fares will not be served complimentary meals
The Rs 2,058 crore (Rs 20.58 billion) deal between Jet Airways and Etihad Airways will benefit passengers, as increased competition will bring down air fares, aviation sector experts said.
Carriers like Indian, Jet Airways, Kingfisher Airlines and Paramount Airways, apart from a host of start-up airlines, are sewing up deals to acquire 50-70 seater aircraft for less congested routes.
Jet Airways India on Saturday reported a 11.4 per cent decline in net profit at Rs 68.59 crore (Rs 685.9 million) for the second quarter September 30, 2005 as against Rs 77.42 crore (Rs 774.2 million) in the quarter ended September 30, 2004.
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 will utilise new Airbus A320s, scheduled for delivery this year, to accommodate much of the increased frequencies.
Objections were being raised by senior Bharatiya Janata Party leader Jaswant Singh, Communist Party of India's Gurudas Dasgupta, Dinesh Trivedi (Trinamool Congress) and Janata Party chief Subramanian Swamy over the deal, each of whom had shot off separate letters to Prime Minister Manmohan Singh.
Earlier on Wednesday, a bomb squad rushed to the spot after the airlines received the threat call and the plane was taken to an isolated area and the passengers were asked to de-plane the aircraft.
The company is actively engaged with all its aircraft lessors and regularly providing them with updates on the efforts taken to improve liquidity.
The move comes amid expectations that the government would allow foreign airlines to invest directly in Indian carriers.
Or else customers will face capacity shortages and high fares.
Weeks before shutting down operations on April 17, a logistics vendor had taken possession of a Jet aircraft--a Boeing 777--at the Amsterdam airport for non-payment of dues.
The winning bid attracted over 99 per cent votes, with lenders overwhelmingly voting for a revival instead of recovery through liquidation.
The fairy tale turnaround story has, however, taken a few knocks after a second wave of the pandemic has brought a series of default notices and has posed the toughest test for the 55-year old Singh to save the airline he founded and sold to the Marans only to assume control later.
Jet Airways on Friday suspended their crew for allowing playback singer Sonu Nigam to sing from the aircraft's address system during a flight.
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