All set to FLY HIGH with Jet Airways! After nearly 2 years, Airline to RESUME domestic operations from Q1 2022 – stock hits upper circuit
Almost after two years, the grounded Jet Airways is all set to spread its wings again in the sky, as the aviation company will begin its domestic operations from the first quarter of 2022,
Almost after two years, the grounded Jet Airways is all set to spread its wings again in the sky, as the aviation company will begin its domestic operations from the first quarter of 2022.
According to Zee Business Reporter Daanish Anand, “The process of reviving the grounded carrier is on track with the existing Air Operator Certificate (AOC) already under process for revalidation.”
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Anand says, Captain Sudhir Gaur will be the acting chief executive officer (CEO) of the company. He adds, Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by mostly Q3/Q4 2022.
Earlier in June, the National Company Law Tribunal (NCLT) had cleared the Kalrock-Jalan consortium plan for Jet Airways' revival with riders. The tribunal refuted the consortium’s demand for the historicity of airport slots and traffic rights.
The Kalrock-Jalan consortium won the bid in October 2020 to restart the airline by proposing a nearly Rs 1,200 crore payout to its creditors. The NCLT has given 90 days to the aviation regulator to decide on slots for Jet Airways.
Founded in 1993, Jet Airways operations have been suspended since April 2019 due to heavy debt, and the consortium being the new owner of the airline, it may commence its functioning soon.
Jet Airways had a significant market share in both the domestic and international front before grounding, and the consortium expects to bring Jet Airways back in the skies by next year.
Jet Airways’ shares hit an upper circuit of 5 per cent to Rs 83.5 per share on the BSE as compared to a 0.27 per cent fall in the BSE Sensex on Monday. The stock earlier this year on January 11, 2021, has hit its 52-week high of Rs 165 per share.
In the last 5 sessions, the stock has been trading volatile between Rs 82-84 per share levels, similarly, in the last one year the stock has gained over 200 per cent on the BSE.
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