The consortium led by a UAE-based businessman that won the bid to take over Jet Airways will get more than 90 per cent stake in the grounded airline, while the rest would be distributed among lenders and some of the employees, it is learnt.
Last week, Jet Airways’ creditors approved a resolution plan submitted by a consortium of UAE-based Murari Lal Jalan and UK-based asset management firm Kalrock Capital.A former senior employee of the airline told Khaleej Times that as per the resolution plan, the consortium plans to re-launch the full-service carrier with an initial investment of Rs10 billion.
For this, the next step is to get the final go-ahead from the National Company Law Tribunal which is hearing the insolvency proceedings. The consortium, it is understood, is prepared to launch Jet Airways 2.0 within six months once the NCLT approval is obtained.
An industry source said another crucial measure for the new owners is to renegotiate contracts with various vendors including fuel retailers, aircraft lessors, and caterers. The new management also has to regain the airport slots that re-allocated to other domestic airlines by the government after the grounding of the embattled airline.
Jet Airways 2.0, which is expected to retain its brand identity and its business model of being a full-service carrier, is likely to operate only domestically in the first year.
Jet Airways 2.0, which is expected to retain its brand identity and its business model of being a full-service carrier, is likely to operate only domestically in the first year.
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