Naresh Goyal hopes for Jet Airways' revival in letter to employees

Jet Airways' ex-Chairman Naresh Goyal has penned another emotional letter to employees, reigniting hopes of reviving the now defunct airline. According to the letter accessed by IANS, Goyal has claimed to have made all possible sacrifices to keep the airline afloat. The former Chairman said he hopes the bank-led resolution plan will succeed and that a successful bidder will emerge by May 10.

"Neeta and I are anxiously hoping that there will be a positive outcome on the 10th of May 2019 as per the BLRP deadline...It is our dearest wish, like yours, to witness the blazing sun reappear from behind the dark clouds of the past weeks, on a canvas of never ending blue," read the ex-Chairman`s message to Jet employees. The letter was sent across to the airline staff by Goyal`s son, Nivaan Goyal.

The Jet Airways founder noted that he made Rs 250 crore available to the banks from a group company besides pledging his shareholding in the airline to ensure the airline survived.

At the same time, he said, that the sacrifices made by the employees was nobler and bigger.

He felt pained for employees not being paid their hard-earned salaries for a couple of months.

Reminiscing on the past, Goyal said: "Each year since the past 25 years, the 5th day of May has held a special place in the hearts of each of us."

"But yesterday, our 26th anniversary was the saddest of all days, with no flights, added to which the sad coincidence that on 18th April 1993 we received our first aircraft in Mumbai, while in the early hours of the morning of 18th April 2019 we operated our last service from Amritsar to Mumbai."

Running out of funds and lenders and denied any further lifeline, Jet Airways grounded its operations on April 17.

Lenders of the airline led by state-run State Bank of India (SBI) are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore.

Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways are in the race to buy a stake in the grounded Jet Airways.

While these have submitted their expression of interest, industry sources claim that these bidders are yet to sign non-disclosure agreements.