Jet Airways Locked In 5% Upper Circuit On Plans To Resume Operations

Shares of the grounded airline, Jet Airways, rose by their daily maximum limit of 5 per cent to hit an intraday high of Rs 83.50

Jet Airways Locked In 5% Upper Circuit On Plans To Resume Operations

Jet Airways said it has already hired over 150 full-time employees.

Shares of the grounded airline, Jet Airways, rose by their daily maximum limit of 5 per cent to hit an intraday high of Rs 83.50 after an investor consortium backed by UAE businessman Murari Lal Jalan said that Jet Airways will resume domestic operations by the first quarter of 2022 and international flights from the second half of 2022. Once India's biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.

The defunct airline had said in June that the National Company Law Tribunal (NCLT) approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.

The bankruptcy court's go-ahead came several months after Jet's creditors had given their approval in October last year to the resolution plan submitted by the consortium.

"Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by Q3/Q4 2022," Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium and the proposed Non-Executive Chairman of Jet Airways said.

Jet, which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai, said it has already hired over 150 full-time employees and is looking to onboard another 1,000 employees in FY 2021-22 across categories.

As of 12:15 pm, Jet Airways shares were in high demand as there were a total 1,80,914 pending buy orders with no sellers on the BSE.