SBI’s takeover of Jet’s operations is unprecedented in India. But will it give wings to the ailing airlines?
CAN a banker fly an aircraft? Rhetorical as it may sound, the question still demands an answer. More so in the curious case of the loss-making and debt-laden Jetairways, the latest case of a fairytale story gone awry. In an unprecedented move, a consortium of banks led by the State Bank of India (SBI) has taken over the airlines to manage its day- today operations till they find a suitable buyer. Jet has already seen the forced exit of its founder Naresh Goyal, a former ticketing agent who set up the airlines 25 years ago. Industry experts are surprised by SBI’s move. “Such a practice has been adopted in the past for smaller companies—worth Rs 100 or 200 crore—but not for a big company like Jet Airways, whose debt amounts to over Rs 10,000 crore,” says a.K. Ralhan, former chief operating officer of the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSaI).
Esta historia es de la edición April 15, 2019 de Outlook.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición April 15, 2019 de Outlook.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Trump's White House 'Waapsi'
Donald Trump's victory in the US presidential election may very well mean an end to democracy in the near future
IMT Ghaziabad hosted its Annual Convocation Ceremony for the Class of 2024
Shri Suresh Narayanan, Chairman Managing Director of Nestlé India Limited, congratulated and motivated graduates at IMT Ghaziabad's Convocation 2024
Identity and 'Infiltrators'
The Jharkhand Assembly election has emerged as a high-stakes political contest, with the battle for power intensifying between key players in the state.
Beyond Deadlines
Bibek Debroy could engage with even those who were not aligned with his politics or economics
Portraying Absence
Exhibits at a group art show in Kolkata examine existence in the absence
Of Rivers, Jungles and Mountains
In Adivasi poetry, everything breathes, everything is alive and nothing is inferior to humans
Hemant Versus Himanta
Himanta Biswa Sarma brings his hate bandwagon to Jharkhand to rattle Hemant Soren’s tribal identity politics
A Smouldering Wasteland
As Jharkhand goes to the polls, people living in and around Jharia coalfield have just one request for the administration—a life free from smoke, fear and danger for their children
Search for a Narrative
By demanding a separate Sarna Code for the tribals, Hemant Soren has offered the larger issue of tribal identity before the voters
The Historic Bonhomie
While the BJP Is trying to invoke the trope of Bangladeshi infiltrators”, the ground reality paints a different picture pertaining to the historical significance of Muslim-Adivasi camaraderie
