Bankrupt carrier Jet Airways India Ltd., once the nation's biggest airline by market value, is planning to restart operations as a full-service carrier by the summer of 2021, its new owners announced.
A consortium led by Dubai-based entrepreneur Murari Lal Jalan and Kalrock Capital has set a revival plan for Jet Airways, which includes a dedicated freighter service and hubs in small Indian cities beyond Delhi, Mumbai, and Bengaluru. Jet Airways will operate all its historic domestic slots in India and restart international operations after it receives approval from Indian regulators and a bankruptcy tribunal, according to a statement Monday.
"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," Manoj Narender Madnani, board member of the Jalan Kalrock consortium, said in the statement.
Once, India's largest carrier by number of passengers, Jet Airways went into bankruptcy in 2019 after it failed to repay mounting debt. Jet Airways has almost 21,000 creditors seeking claims of around $6 billion and has had most of its landing slots confiscated.
The consortium had evaluated the option of starting a new airline but Jet Airways' optimal flight slots, brand value and reputation for in-flight service and safety will give the carrier "an edge over others," according to the statement.