Jet Airways expects to return to profit in the next 18 months, following implementation of a new route network and fleet strategy and cost optimisation measures.
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
Kingfisher's departure from the Low Cost Carrier (LCC) segment shows that running an LCC is no cakewalk, requiring a whole new management philosophy.
Jet Airways says its expansion plans are not linked with the $400 million qualified institutional placement issue
The no-frills brand is poised for a big leap by debuting in some international routes as well.
Jet Airways said on Tuesday its aggressive overseas and domestic expansion plans are not linked with the $400-million qualified institutional placement issue that provides cushion for buying more aircraft.
Jet Airways, India's largest airline in terms of marketshare, is looking at an equity dilution, said Founder and Chairman Naresh Goyal.
More than a year after joining hands with Kingfisher Airlines, Jet Airways is still in talks with the Vijay Mallya-led carrier for code sharing and other initiatives to achieve operational synergies and reduce costs.
India's international carrier Air India has come to the relief of Jet Airways passengers, after Jet had to cancel over 130 flights when 400 pilots failed to show up for work.
Jet Airways chairman Naresh Goyal on Tuesday met civil aviation secretary Madhavan Nambiar on Tuesday against the backdrop of pilots of the private carrier refusing to report to work to protest against the sacking of two of their senior colleagues.
The move comes a day after an urgent meeting of lenders with Goyal and Etihad Airways chief executive officer Tony Douglas to resolve various issues between the two promoters as well as lenders and Etihad.
Jet Airways group CEO Ravi Chaturvedi has resigned. Amid difficult times for the aviation industry, Jet Airways has cut three of its biggest loss-making international routes and plans to lease four wide-body Boeing 777 aircraft, besides phasing out three Boeing 737 planes.
Jet Airways Chairman Naresh Goyal on Wednesday said that he would have no option but to follow 'the law of the land' if an action had to be taken against the agitating pilots, while appealing to them to resolve the matter amicably and return to work. Meanwhile, Goyal met Civil Aviation Minister Praful Patel in the wake of the agitation by the airline pilots.
Jet Airways chairman Naresh Goyal said the strategic alliance forged almost a year ago between his company and Kingfisher Airlines has still not achieved tangible progress, and added that airfares need to rise by 20-25 per cent.
Amidst the ongoing war of words between the Ambani brothers over the issue of pricing of gas, Mukesh Ambani, chairman, Reliance Industries Ltd, on Tuesday met TKA Nair, Principal Secretary to the Prime Minister, at the latter's office in the South Block.
Low cost carriers have 55 per cent of the market, up from 45 per cent in Q1 last year, and 30 per cent two years back. Does it mean India really is an LCC market? The performance of the airlines also seem to suggest that. While budget carrier Spicejet announced a small profit for Q1, all the big boys in the industry seem to be in trouble.
Jet Airways is working on a plan that will entail a reduction in flight duty hours of its unconfirmed cabin crew (that will reduce their take-home salary), withdrawing some perks and downgrading entitlements like hotels as part of a package to reduce manpower costs. Perks on the block include a weight allowance (given to cabin crew if they maintain a certain body weight) and allowances for staying abroad amongst others.
The carrier, which fired 1,900 employees in October only to reinstate them under pressure from various quarters, has made the request to pilots, cabin crew and engineering staff, a source in the airline said on the condition of anonymity. It is, however, not clear what the airline proposes to do if the employees do not agree for a voluntary pay cut.
Less than 48 hours after Jet Airways announced the retrenchment of 1,900 employees, the airline has decided to reinstate all the employees. Jet Airways Chairman Naresh Goyal, in the late evening press conference on Thursday, requested all the sacked employees to come back to work from Friday.
Jet Airways has convened a board meeting on Friday, May 23, which is expected to consider the future of executive director Saroj K Datta, who, sources said, may exit the airline after May 31. Chairman Naresh Goyal, who was in Mumbai last week, reportedly discussed the issue with Datta, a veteran of over 46 years in the airline industry.
"With the regulatory approval process now finalised for the new route, we are very pleased to enter this new stage of Jet Airways' North American expansion," Jet Airways founder and chairman Naresh Goyal said.
The Bombay high court has asked Mumbai Police Commissioner to file a report on the alleged underworld links of Jet Airways chairman Naresh Goyal.
Jet said apart from Hariharan, AS Bedi and S Bandula are leaving the company as a result of better career prospects and family commitments. While refusing to be drawn into specifics, Jet pointed out that attrition was a common phenomena in any business enterprise and the growing aviation industry in India cannot be excluded.
India's largest private carrier Jet Airways will report a full-year loss for 2007-08 fiscal and break even only in the financial year ending next March, said its chairman Naresh Goyal. Earlier in January, Jet Airways had reported a net loss of Rs 91.12 crore (Rs 911 million) for the quarter ended December 31, 2007 as against net profit of Rs 40.04 crore (Rs 400 million) for the year-ago period. Goyal expects Jet Airways to break even in the current fiscal, ending Mar 31, 09.
"The Chinese government has never allowed a third party to operate to the US out of China. This is for the first time that our government negotiated with them to do so. We hope to get the permission from China soon," Jet Airways Chairman Naresh Goyal told reporters. With the launch of San Francisco flight from May 5, Jet Airways would become the first private carrier to operate a non-stop daily flight to Shanghai from country's financial hub of Mumbai.
Private airline Jet Airways is in talks with Lufthansa Group to float a wholly owned subsidiary for dedicated cargo operations.
Pilots and engineers to be affected by this move are understood to have expressed their opposition to it and are considering their response, the source said. The airline employs around 13,200 personnel with around 2,000 of them drawing a salary of more than Rs 100,000 a month. These officials comprise mainly pilots and maintenance engineers.
Reduce high-cost loans, create a contingency fund and play long term. These are the only mantras to survive during a slowdown.
India's largest private carrier Jet Airways said on Tuesday it expects to more than double its revenues to $3 billion in the next three years. The company on Monday announced its total income rose over 26 per cent to Rs 2,254.17 crore (Rs 22.54 billion) in the second quarter this fiscal from Rs 1,787.33 crore (Rs 17.87 billion) during the same period last fiscal.
The liquidity crunch in global markets following the crisis in the US sub-prime mortgage business has prompted Jet Airways to postpone its $ 400 million rights issue to finance the airline's aircraft acquisition by two or three months.
Jet Airways is all set to spread its wings to Beijing, Milan and Paris within a year. The airline currently flies to London it is the market leader on this route with a robust share of 33 per cent and Brussels, which is also its second hub after Mumbai. Jet will be operating flights to Dubai from New Delhi and Mumbai. Taking on Air India's other strategic market, Goyal also announced the date for the launch of the airline's Mumbai-Shanghai-San Francisco flight.
Jet to raise $400m and add 20 new aircraft for expansion.
Battling to grab market share on international routes, Jet Airways has drawn up plans to make China a hub for flying to popular destinations like San Francisco and Los Angeles on the US west coast and to Vancouver in Canada in the near future. "It is much shorter to fly from China to the US west coast than from Singapore. This way, the yields on the routes will also be higher," said Jet Airways Chairman Naresh Goyal.
Jet Airways chairman Naresh Goyal said his airlines, if given permission, would start off by flying to Southeast Asian countries.
The Supreme Court will hear on October 26 a petition alleging that Jet Airways chairman Naresh Goyal has links with the underworld. An appeal filed by M Furquan, a Delhi-based journalist, has alleged that funds for Jet Airways was given by underworld don Dawood Ibrahim. He has also sought a CBI inquiry into the matter.
Jet Airways chairman Naresh Goyal on Thursday vehemently denied any link with the underworld saying all agencies have cleared his airline in this connection and that is why the carrier has been allowed to fly to the US.
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