Will Jet Airways bounce back?
Jet Airways, which has been shut for more than two years after mounting financial losses, is planning to resume service by the first quarter of 2022. This will be the first case of an airline revival through India’s insolvency process.
The consortium will invest a maximum sum of Rs 600 crore in the equity of the airline which will give them 89.79% stake in the company. Accordingly, the public shareholding will be reduced to about 0.21% after that.
Who is buying Jet Airways?
After a resolution process lasting nearly 24 months, insolvent Jet Airways (India) Ltd. has found a buyer. On Tuesday, a consortium of U.K.-based Kalrock Capital Partners and Murari Lal Jalan was approved as successful resolution applicant for the beleaguered airline, by the National Company Law Tribunal.
Who is Murari Lal Jalan?
New Delhi: Murari Lal Jalan, who is trying to purchase Jet Airways, is being backed by the infamous Gupta brothers (Ajay, Atul, Rajesh Gupta) of South Africa who are facing serious charges of corruption. For this reason, the Guptas had to flee from the country.
What is the future of Jet Airways?
Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by Q3/Q4 2022. Our plan is to have 50+ aircraft in 3 years and 100+ in 5 years,” Murari Lal Jalan, lead member of the Jalan Kalrock Consortium and the proposed non-executive chairman of Jet Airways said.
Why did Jet Airways stock rise?
At the end of Wednesday’s closing session, Jet Airways was up 4.98 per cent at Rs 104.40 per share. The airline’s shares have gained momentum after the National Company Law Tribunal (NCLT) approved a resolution plan submitted by Kalrock-Jalan consortium for its revival.
Is Jet Airways back in business?
Jet Airways to resume domestic operations in Q1 2022; international flights likely in second half of next year. The airline intends to start its first flight from Delhi to Mumbai by Q1 2022. The airline aims to launch short-haul international flights by the third-fourth quarter of 2022.
Who is owner of IndiGo?
Who is owner of IndiGo Airlines? IndiGo Airlines is operated by Interglobe Aviation Limited. Rahul Bhatia and Rakesh Gangwal are the owners of Indigo Airlines. Rahul Bhatia of InterGlobe Enterprises higher stake in IndiGo than the co-founder Rakesh Gangwal.
Who is owner of Air Asia?
NEW DELHI: India’s Tata Sons is buying the country’s national carrier Air India, returning the airline to its founders and ending a decadeslong struggle by the government to unload the money-losing venture.