Jet Airways, which has been grounded since April 2019, will be back in the skies by summer 2021 if all approvals are received, the Murari Lal Jalan-Kalrock Capital consortium that won the bid for the airline announced on Monday. In a statement, the consortium said it aims to relaunch Jet as a full-service carrier, and called it Jet 2.0. The Murari Lal Jalan-Kalrock Capital consortium is currently awaiting approvals from regulators and the National Company Law Tribunal (NCLT).
“The Jet 2.0 program 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,” the consortium said in a statement. Jet Airways has been grounded since April 17, 2019, when the debt-laden airline could not secure any funding. Founder Naresh Goyal was told to leave and the lenders took over, beginning their hunt for a new owner. The consortium won the bid in October this year.
Pending NCLT and regulatory approvals, the consortium is looking at operating all of its past domestic slots in India, as well as restart international operations. Outlining its vision, the consortium said that it is looking at regaining lost ground, as well as setting new benchmarks in the industry. Jet 2.0 hubs will remain at Delhi, Mumbai, and Bengaluru like before, but is looking at creating sub-hubs.
“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,” the statement read.
In addition, it is looking at increasing cargo services and including a dedicated freighter service. “Given India’s position as a leading centre for global vaccine manufacture, cargo services have never been more required,” it said.
It further added that the option of starting a new airline was evaluated, but decided to stick to Jet 2.0 because of reasons such as “optimal flight slots, brand value and reputation for best-in-class inflight service and safety”.
“The Consortium decided that it would be advantageous to re-energise and start Jet Airways on a clean slate with an established brand,” it said.
“We aim 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,” said Manoj Madnani, Board Member of Jalan Kalrock Consortium.