This meant increased costs for engineering, maintenance and operations.The journey has increased from four aircraft in 1993-94 to 119 aircraft, from 12 destinations back then to 65 destinations and from 24 daily flights in 1993-94 to over 650 departures and arrivals
Jet Airways Ltd , India's biggest full-service carrier, has been under dark clouds for the most part of the past year, and several efforts are on to save the sinking airline. Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India’s largest private carrier.The airline, known for its “The Joy of Flying” tagline, has been teetering for weeks, saddled with over $1 billion in debt.Its lenders, led by State Bank of India (SBI), last month agreed to bail it out in a complex deal that involved the banks taking a majority stake and providing a fresh loan of $217 million, while continuing to look for a new investor. Jet calls report "speculative"October 30 - U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad AirwaysNovember 5 - Report says Tata aims to buy the 51 per cent stake in the airline owned by Naresh Goyal, and Etihad Airways' 24 per cent stake, and merge Jet with VistaraNovember 12 - Jet posts third straight quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming current challengesNovember 13 - Tata Sons begins due diligence to buy Jet, reports sayJet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airlineNovember 15 - Shares surge nearly 25 per cent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying JetNovember 16 - Tata Sons says discussions on Jet is preliminary and no proposal has been madeNovember 22 - Independent director Ranjan Mathai resigns, citing rising pressure from other commitmentsDecember 3 - Jet says it will stop providing free meals to most domestic economy class passengers from January, in its latest move to cut costs and boost revenuesDecember 5 - Jet and Etihad Airways have been holding rescue talks with Jet's bankers, sources tell ReutersDecember 6 - Jet tells its pilot union it will clear all salary dues by April, a source tells ReutersDecember 7 - ICRA cuts Jet rating yet again, cites delays in implementation of the proposed liquidity initiatives by Jet's managementDecember 14 - Goyal's penchant for control has come up as a major obstacle as the airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years tell ReutersJanuary 2, 2019 - The airline says it has delayed payment to a consortium of Indian banks, led by SBI; ICRA cuts rating againJanuary 10 - Jet proposes to creditors that it will catch up with debt payments in arrears by September, and from April will meet debt payments as they come due, according to a document seen by ReutersJanuary 11 - Some aircraft lessors were prompted to explore taking back aircraft from Jet, three people familiar with the matter told Reuters. It started operations as an air taxi operator on May 5, 1993. Till we find that out, let's take a look at what happened at Jet Airways in the last 26 years. India's economic growth likely to pick up soon, says Morgan...We should remove exemptions and deductions in a phased manner,...STARTUP DIGEST: Here are top startup stories of the dayMy fight is of principles, never hankered after any post:...India, UK strike new med-tech pact to fight COVID-19 Read on to know more about the chain of events before the airline was forced to navigate these choppy skies. Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India’s largest private carrier.
The airline, known for its “The Joy of Flying” tagline, has been teetering for weeks, saddled with over $1 billion in debt. Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India’s largest private carrier.
Jet, which has debt exceeding 8,000 crore rupees as of September-end, has been …