Grounded Jet Airways share price jumped 5% after Murari Lal Jalan-Kalrock consortium said that Jet Airways may fly again by July-August this year. Currently, Murari Lal waiting for the approval of the bankruptcy court for restarting Jet Airways (India) Ltd.
The new promoter of Jet Airways will hold the brand and do rehiring the employees who had worked for Jet Airways. The company will restart operation with 25 aircraft for New Delhi Airport and restart international flights by the end of the year.
Murari Lal said in an interview, “The sooner the approval comes through, the better it is. Anyway, we couldn’t have started operations by the beginning of the summer schedule even if NCLT (National Company Law Tribunal) cleared the plan two months ago. But we are very much on track to restart operations within the summer schedule. It could be in the middle of the end of the summer schedule. We hope to start operations within four to six months of getting the court’s approval.”
In a conversation with CNBC-TV18, Murari Lal Jalan said that “while the initial plan was to get the airline flying again by April this year, he now expects the pending NCLT approval to come in over the next 3-4 weeks, and have the airline up and running by July-August.”
Murari Lal said that he will bring the airline at a competitive price due to the pandemic situation and the cost of the airline will be much less than the other airline in the market.
The company is in talks to sign agreements with the aircraft manufacturers and leasing companies as soon as NCLT permits to start operations. Right now the Murari plans to keep the company within the consortium, but the company may come up plan depending on the situation.