Although, the new owners have taken over the control, their lack of knowledge in operating or handling airlines, further compounded by the ongoing pandemic raises several questions and doubts. While many are rejoicing about the fact that Jet Airways will soon be back in the game, a lot of others do believe that the return flight of the airlines is going to be a turbulent one.
Only recently in October, a consortium of investors that also included the UK-based asset management firm Kalrock Capital which focuses on real estate, venture capital, and special situations, and UAE-based businessman Murari Lal Jalan, with sizeable investments in many industries including tourism and real estate, officially took over Mumbai-headquartered Jet Airways. Kalrock Capital and Jalan together have plans to invest $136 million into Jet Airways over the next five years, to aid the airline’s revival with new management and the acquisition of assets. Notably, both the new investors have zero experience of expertise of managing or handling an airline business.
Jet Airways was officially grounded in April 2019, thereby leaving more than 20,000 employees unemployed and grounding its 97 aircraft. Vistara acquired 16 aircraft from the fleet of temporarily shut Jet Airways. Spicejet and Air India came to the rescue of the jobless employees, by hiring 500 and 150 employees including pilots, cabin crew, technical and other ground staff, respectively. Jet Airways went into bankruptcy in June 2019 after it failed to repay its mounting debt of $1.2 billion. To date, the situation remains the same.
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