Jet Airways

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Jet Airways was reported to have a negative financial outlook due to increasing losses. In March 2019, it was reported that nearly a fourth of Jet Airways’ aircraft was grounded due to unpaid lease rates. The CEO and Chairman, Mr. Naresh Goyal, and his wife, Anitha Goyal, stepped down from the board of directors. On April 5, Indian Oil Corporation stopped supplying fuel to the airline due to the nonpayment of dues. In early 2020, the Enso group tried to help the airline with the Russian far east development fund. The creditors of India’s Jet Airways have approved a bid from Kalrock and Murari Lal Jalan. The company’s plan to resume flights was approved by the National Company Law Tribunal on June 22, 2021.

Attributes

Jet Airways provides First, Premiere (Business), and Economy classes. The first class was only available in Boeing 777-300ER airplanes. It featured private suites with seats that are equipped with flatbed technology. On long-haul international flights, the course featured recliner seats, flatbeds, and in-seat power. On domestic flights, the class offered more extensive legroom and a variety of flatbeds. Long-haul flights have an economy class with a 32 inches seat pitch and a footrest. On the Boeing 777-300ER, the cabin has been configured in a 2-4-2 configuration. On the Airbus A330, the seat pitch is 32 inches, and the LCD TV is a touch screen. On February 1, 2016, Jet Airways launched an in-flight entertainment system that allows passengers to stream movies and TV shows directly to their Wi-Fi-enabled devices.

The downfall

Jet Airways has received positive feedback from its aircraft lessors for its efforts in reducing its fuel burn. Jet’s troubles are just the latest blow to the company, which has been fighting due to an insurgent group’s aggressive campaign to disrupt its operations. Air India has been fighting for years and has posted declines in eight of the last ten years. Its share of the domestic market has also fallen over the years. About 60 percent, or more than $600 million, has been wiped off Jet’s business value in few years. The humbling of one of India’s most flourishing international names shows the challenge of making money in the country’s airlines division, dominated by low-cost airlines such as Indigo and Spicejet. The Indian market is also price-sensitive, and airlines struggle to keep fares low, even at a loss, to continue growing. The local market has seen around 20 percent growth in travelers over the past few years. Carriers including Indigo, Spicejet, and Vistara, a joint venture between Singapore Airlines and Tata Sons, have over 1,000 planes from Boeing Co and Airbus SA. “India’s aviation business is cut-throat, and it is survival of the fittest. Naresh and Anita Goyal started Jet in 1993 after Air India was the only competitor they could beat. Goyal’s tone was that Air India had the best product in India. Jet’s problems began when it expanded itself with an international development plan; the carrier ordered 22 wide-body aircraft for delivery over about 18 months, starting in 2006, depleting cash. To fight with low-cost airlines, Jet has lowered prices without reducing its expensive services. High fuel prices and hefty taxes have increased the spending issues. Jet Airways will resume flights by the end of 2021 after its creditors approved a bid from businessperson Murari Lal Jalan and asset management firm Kalrock, a part of the Fritsch Group. The airline’s new promoters, Murari Lal Jalan and Kalrock Capital said, “The Jet 2.0 program is aimed at recovering the past history of Jet Airways, with a fresh set of operations and systems to ensure greater efficiency and productivity across all routes.” It may be noted that the new promoters have also determined to stick with the Jet brand due to its value and existing flight slots at various airports. The statement by the new supporters said that Jet Airways would “operate all of its historic home slots in India and restart international operations.