Jet Airways, which inducted the 42nd aircraft in its fleet, has urged the government to allow domestic private carriers to fly abroad and also carry out their own ground handling.
A day before the opening of its initial public offering, Jet Airways on Thursday said it will pay up to $7.5 million to acquire trademark and intellectual property rights from Naresh Goyal-promoted Jet Enterprises Private Ltd.
The Securities and Exchange Board of India has cleared the initial public offer of Jet Airways.
All India Jet Airways' Officers and Staff Association on Thursday said it has filed an appeal before the NCLAT against Jalan-Kalrock consortium's resolution plan for the airline. In October 2020, the airline's Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai bench of the National Company Law Tribunal (NCLT).
Jet Airways will be able to take to the skies once again, after aviation regulator DGCA on Friday granted it a revalidated air operator certificate, allowing the airline to resume commercial flight operations.
Jet Airways had appointed Ball as its CEO in May last year.
'The government has assured us support.' 'The civil aviation ministry have told us that whatever we need, we will get prime airport slots and bilateral rights.'
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
Former Air India Executive Director Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment.
Etihad earns about 23 per cent of its passenger revenue from code-share and equity partners, and this would increase after its tie-up with Jet.
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.
All the airline's guests will travel on Thursday to Amsterdam in 15 buses and will be accommodated there in hotels.
The two companies are hopeful of winning over at least one regulator's go-ahead this week itself for their deal, which happens to be the first FDI by a foreign airline into India.
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
The agreement between the two airlines came on the second day of the four-day state visit of Mukherjee to the country.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
Jet Airways Chairman Naresh Goyal said on Friday Air Sahara employees would not lose their jobs as a result of his company taking over the Lucknow-based airline.
Jet Airways pilots have warned the management of agitation if the airline fails to offer a concrete plan on payment of arrears amounting to Rs 100 crore (Rs 1 billion) by August 20.
Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
Former Director General and CEO of IATA, Giovanni Bisignani, says Jet Airways chief Naresh Goyal developed his airline's business class mock-ups in utter secrecy inside the garage of his London home.
The Indian government allowed foreign airlines to buy up to 49 per cent stakes in Indian carriers in September 2012.
The airline's chief financial officer Ravishankar Gopalakrishnan will be acting as the CEO.
The company is actively engaged with all its aircraft lessors and regularly providing them with updates on the efforts taken to improve liquidity.
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.
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.
'Now we will have real employees as the owner of the airline.'
According to media reports, Securities and Exchange Board of India is debating whether to reopen the issue of an open offer for shareholders of Jet Airways after another regulator said that Etihad enjoys joint control over the Indian airline.
The summer schedule of flights of all other domestic airlines such as Vistara, IndiGo, Air India and GoAir have been approved till October 26.
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.
The top-level exodus at Naresh Goyal-promoted Jet Airways continued on Friday, with chief financial officer and acting CEO Ravishankar Gopalakrishnan quitting.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
The Jet Airways of old is no more and the industry mourns its demise. Anjuli Bhargava reports.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
Jet has come under regulatory scrutiny twice this year.
Who is to take their place? Will a new generation of entrepreneurs start up with better business sense, or at least better luck? But the so-called unicorns are mostly copy-cat entrepreneurs whose cash flow is funded by overseas (including Chinese) money, notes T N Ninan.
Kardassis, who quit the airline in 2013, will advise Goyal and senior management on cost-saving and productivity improvement
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
State Bank of India on Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways, and the bids have to be submitted by April 10, said a public notice.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances