Consortium led by Murari Lal Jalan and Kalrock Capital, on Monday announced the revival of Jet Airways as a full-service carrier.
Jet Airways Revival Plan
The Jet 2.0 program, unveiled on Monday, is aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes. As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations.
The last Jet Airways flight operated on April 17, 2019 between Amritsar and Mumbai. On Monday, the consortium led by Murari Lal Jalan and Kalrock Capital said that if everything goes as per plan and the Consortium receives the NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the Summer of 2021.
Consortium’s Plan At NCLT
This is subject to the National Company Law Tribunal (NCLT) hearing the Resolution Plan on December 11. On December 3, NCLT was expected to hear the plan of Murari Lal Jalan and Kalrock Capital.
The court instead heard a bunch of other matters, including applications filed by the airlines pilots, engineering and Jet Lite’s employee union on issues related to their salary claims. It also briefly heard an application on dues of 24 airports owed by Jet Airways to Airports Authority of India (AAI).
The Consortium’s said that its vision is to regain the lost ground, set new benchmarks for the airline industry with the tag of being the best corporate full-service airline operating on domestic and international routes.
Jet Airways Hubs
The Jet 2.0 hubs will remain Delhi, Mumbai, and Bengaluru like before. The revival plan proposes to support Tier 2 and Tier 3 cities by creating sub-hubs in such cities. This would boost the economy in these cities, help Jet Airways stand back on its feet fast, and support the overall vision of the Indian Government to promote aviation business through Tier 2/ Tier 3 Cities in India.
In addition, the Consortium’s vision for Jet 2.0 includes plan to increase cargo services to include dedicated freighter service, a market currently underserved by any Indian carrier. Given India’s position as a leading centre for global vaccine manufacture, cargo services have never been more required.
Back As Jet Airways
The Consortium had evaluated the option of starting a new airline but some of the inherent strengths of Jet Airways like the optimal flight slots, brand value and reputation for best-in-class inflight service and safety, giving Jet 2.0 an edge over others, were too tempting to resist. The Consortium decided that it would be advantageous to re-energise and start Jet Airways on a clean slate with an established brand.
Commenting on the revival of the airline, Manoj Narender Madnani, Board Member of Jalan Kalrock Consortium said, “Jet Airways has been a brand with a glorious history of over 25 years, and it is the vision of the Consortium to put Jet Airways back in the skies at the earliest opportunity.”
Mr. Madnani explained that they aimed to re-energise the brand by infusing energy, warmth, and vibrancy into it while making it bigger and better. “Over the years, the brand has created loyal customers and we wish to bring in freshness by adding value – an Indian brand with a global outlook, warm yet professional which symbolises the New India, Young India. With the revival of Jet Airways, it will restore the confidence among the Jet customers to fly again and experience its world class facilities,” he said.
Jet Airways: An Aviation Brand
Jet Airways is a well-known household aviation brand in India and the oldest private airline with an operating history spanning more than 25 years. The aviation sector was deeply hit by COVID-19, but that helped the sector as it underwent substantial correction and created that opportune time for the Consortium members to enter the sector.
The Consortium’s biggest strength is human capital, and it is putting together the best of aviation professionals with Global experience for running and managing the operations of Jet 2.0.
The Consortium said it awaits NCLT and regulatory approvals, including reinstatement of slots and bilateral traffic rights by Ministry of Civil Aviation (MoCA) and aviation safety regulator, Directorate General of Civil Aviation (DGCA). Initial discussions with the Ministry have been extremely positive, the Consortium said.
The Consortium added that it is inclined in working together with all the stakeholders amicably, and the keeping the interest of Jet Airways and recommencement of its operations as the topmost priority. The Consortium is confident to get support of all the stakeholders of Jet 1.0 and will certainly regain the confidence and trust of all the customers and vendors of Jet Airways.