Jet Airways might resume flying by summer, shares gain 5%

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As per NDTV Profit, the owners of Jet Airways announced a revival plan as the operations were stopped in April 2019 due to bankruptcy amid piles of debts. Shares of Jet Airways gained 5 percent in the upper circuit at Rs 75.60 on the BSE.

A consortium led by the Dubai-based entrepreneur Murari Lal Jalan and London-based Kalrock Capital in a statement said, “The Jet 2.0 program is aimed at reviving the past glory of jet Airways, with a fresh set of processes and system to ensure greater efficiency and productivity across all routes.”

The company is waiting for approvals from the regulators and National Company Law Tribunal, the country’s bankruptcy court. The company plans to operate all in its domestic slots and also resume international operations once they get clearances.

The group told NDTV profit, “If everything goes as per plan and the consortium receives the NCLT as well as regulatory approvals in time, Jet Airways would be back in the skies by the summer of 2021.”

The revival plan is placed at a time when several airline companies are struggling to recover from a COVID-19 economic slowdown. This has made it difficult for many airlines to operate and many had to shut their operations.

In October, the airline’s creditors nodded for the revival plan and the same was submitted by the consortium. Jet Airways has approximately 21,000 creditors who claim Rs 44,000 crore as credit.

Shares of Jet Airways have increased over five times from lows of Rs 15 in March 2020.