Downfall of Jet Airways: How Naresh Goyal’s airline walked into a trap of its own making from where there was no return
5 years, 8 months ago

Downfall of Jet Airways: How Naresh Goyal’s airline walked into a trap of its own making from where there was no return

Firstpost  

Editor’s note: This is part of a multi-article series on the downfall of Jet Airways and the path ahead for the cash-strapped airline. Jet Airways started negotiations to acquire Air Sahara and agreed on an amount before the deal hit a road block. The government has subsequently rejected the airline’s application for merger of both the airlines and at the time of suspension, Jet Airways continued to hold two Air Operating Permits. Jet Airways’ last year of operations again saw the airline introduce a fare class to offer buy-on-board option.

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History of this topic

Why airlines keep folding in India’s booming aviation market
1 year, 8 months ago

Why airlines keep folding in India’s booming aviation market

Live Mint  

Go Airlines India Ltd. this week became the latest victim in the battle of the skies over India. Go, run by cookie-to-clothing magnate Nusli Wadia’s group, is the third high-profile carrier majority owned by a billionaire that has ceased to fly in the past 11 years. Modi has committed to steer the state away from business, proving his credentials by …

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?
2 years, 8 months ago

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?

Firstpost  

Jet Airways has already hired over 200 people across major operations, including former SpiceJet and Vistara executive Sanjiv Kapoor as its CEO. The airline plans to start operations in the September quarter of this year A Jet Airways test flight took to the skies on Thursday from Hyderabad Airport for the first time after a hiatus of three years. The …

A Stormy Flight Path for Rakesh Jhunjhunwala’s Akasa in the Turbulent Aviation Industry
3 years, 5 months ago

A Stormy Flight Path for Rakesh Jhunjhunwala’s Akasa in the Turbulent Aviation Industry

News 18  

The Indian aviation community is abuzz with the news of a new airline being added to the fleet. And why now in the midst of a pandemic?” The Indian aviation market comprises six large airlines: IndiGo, SpiceJet, GoAir, AirAsia India, Vistara and Air India. In fact, it may go a step further to attempt an ultra-low cost model, which in …

Buy Jet Airways and make it Mahindra Airways? What Anand Mahindra replied
5 years, 6 months ago

Buy Jet Airways and make it Mahindra Airways? What Anand Mahindra replied

Live Mint  

New Delhi: A Twitter user gave an interesting advice to Mahindra group chairman Anand Mahindra. The user under the name of Lalit Mathpal suggested the tycoon buy the debt-ridden Jet Airways and name it Mahindra Airways. He has 7.03 million followers on Twitter The downfall of Jet Airways illustrates the challenge of making money in India's aviation sector, dominated by …

On board S2 3502, Jet Airways’ last flight
5 years, 8 months ago

On board S2 3502, Jet Airways’ last flight

Live Mint  

Mumbai: Naresh Goyal, the founder of Jet Airways Ltd, was obsessed with the airline’s punctuality. As Jet Airways' last flight taxied to a halt in Mumbai, emotions ran high among the airline’s staff. “We don’t know what to do, whether to come to work tomorrow or not,” said a ground staff member of Jet Airways, who identified himself as Rohan …

For 25-year old Jet, the next flight may be long away
5 years, 8 months ago

For 25-year old Jet, the next flight may be long away

Live Mint  

Naresh Goyal-founded Jet Airways, India’s second largest airline till not too long back, suspended its all domestic and international operations Wednesday, after failing to secure emergency funding from lenders or any other source. Lenders pushed Goyal out of the airline in March, after Jet Airways, saddled with huge debt, defaulted on payments to banks and aircraft lessors. Shareholding pattern Jet …

Naresh Goyal: The New King of Bad Times
5 years, 8 months ago

Naresh Goyal: The New King of Bad Times

India Today  

A barrage of emotional messages flooded Twitter on Thursday as Jet Airways, India's most popular full-service carrier, temporarily grounded operations. Among those messages was one by high-flying businessman Vijay Mallya who tweeted his "sympathies" to Naresh Goyal, the founder of Jet Airways. For Vijay Mallya, who founded his own airline years after Jet began its aviation journey, Naresh Goyal was …

Five things that went wrong for Jet Airways
5 years, 8 months ago

Five things that went wrong for Jet Airways

The Hindu  

April 17, 2019 02:11 pm | Updated November 28, 2021 12:28 pm IST - Mumbai Jet Airways was teetering on the brink of collapse on Wednesday, operating just five planes and waiting for lenders to release emergency funds to keep the debt-saddled carrier flying. Costly purchase Many aviation experts believe the start of Jet's financial troubles can be traced back …

Downfall of Jet Airways: The crisis in airline illustrates challenge of making money in Indian aviation sector
5 years, 9 months ago

Downfall of Jet Airways: The crisis in airline illustrates challenge of making money in Indian aviation sector

Firstpost  

Jet Airways has posted losses in eight of the past 10 years and its share of the domestic passenger market has fallen to about 15.5 percent in 2018 from 22.5 percent in 2015 Singapore/ New Delhi: In early January, Jet Airways and its main lender, State Bank of India, met with aircraft lessors to assure them there was a plan …

Downfall of Jet Airways: How India's premium airline crumbled, challenges ahead
5 years, 9 months ago

Downfall of Jet Airways: How India's premium airline crumbled, challenges ahead

India Today  

In early January, Jet Airways and its main lender, State Bank of India, met with aircraft lessors to assure them there was a plan to rescue the debt-laden carrier so it could pay them, sources familiar with the matter said. "Despite Naresh Goyal's departure from Jet, lessors don't seem to think the carrier can be rescued, judging by the urgency …

Naresh Goyal writes emotional mail to Jet Airways staff: 'It's not the end of journey, but start of a brand new chapter'
5 years, 9 months ago

Naresh Goyal writes emotional mail to Jet Airways staff: 'It's not the end of journey, but start of a brand new chapter'

Firstpost  

Naresh Goyal said the approval of the debt-recast plan will put the carrier on a “sounder and sustainable” financial footing Mumbai: Jet Airways founder Naresh Goyal, who along with his wife Anita, stepped down from the board Monday, said the decision is not the end of the journey but the start of a brand new chapter. In an emotionally-charged letter …

Jet Airways new debt-recast plan: Analysts welcome 'very belated changes' in cash-strapped airline, say they are 'good and positive'
5 years, 9 months ago

Jet Airways new debt-recast plan: Analysts welcome 'very belated changes' in cash-strapped airline, say they are 'good and positive'

Firstpost  

Mumbai: Industry analysts welcomed the management changes at Jet Airways and the new debt-recast plan under which banks have taken over the control of the crippled airline and forcing founder-chairman Naresh Goyal and his wife out of board, saying the changes, though very belated, are “good and positive” for the airline. Bringing an end to months of uncertainty over the …

Govt said to offer SpiceJet Jet Airways grounded planes
5 years, 9 months ago

Govt said to offer SpiceJet Jet Airways grounded planes

Live Mint  

Mumbai: India is mulling options to save jobs at Jet Airways India Ltd. including asking low-cost carrier SpiceJet Ltd. to consider taking over some of the debt-laden company’s aircraft, people with knowledge of the matter said. The proposal involves SpiceJet, led by Chairman Ajay Singh, acquiring as many as 40 of Jet Airways’ grounded planes that are owned by lessors, …

Naresh Goyal's personal ambition holds Jet Airways back from resurrection; is slow death awaiting India's once favoured airline?
5 years, 9 months ago

Naresh Goyal's personal ambition holds Jet Airways back from resurrection; is slow death awaiting India's once favoured airline?

Firstpost  

For Jet Airways, in their Silver Jubilee year, the airline is battling with what is their biggest existential crisis at the moment. That left customers scrambling, and even the staunchest of Jet Airways customers are now wondering if the airline will be around by the time it is their turn to fly the airline next. Qatar Airways, which has been …

Jet Airways saga: Why promoter Naresh Goyal must not just step down but exit the airline he founded
5 years, 10 months ago

Jet Airways saga: Why promoter Naresh Goyal must not just step down but exit the airline he founded

Firstpost  

Etihad Airways has been insisting that Jet Airways’ founder and Chairman Naresh Goyal must step down from the company’s board and his stake should be slashed to 22% from 51% as a precondition for its heightened stakes. Naresh Goyal, the promoter of the down-in-the-dumps Jet Airways has at last agreed to quit as the chairman of the board of directors …

Opinion | Jet Airways’ Naresh Goyal at a crossroads
5 years, 11 months ago

Opinion | Jet Airways’ Naresh Goyal at a crossroads

Live Mint  

With ballooning debt and rising costs, Jet Airways founder and promoter Naresh Goyal is left with few options and little time to save the airline. He can take up an investment offer from Etihad Airways, which owns 24% of Jet Airways, and relinquish control of the airline he started about 25 years ago. Alternatively, Goyal can rush to gather his …

Naresh Goyal refuses to cede control of Jet Airways
5 years, 11 months ago

Naresh Goyal refuses to cede control of Jet Airways

Live Mint  

Mumbai: The saga of Jet Airways Ltd continues, with its founder and promoter Naresh Goyal making a financial offer to State Bank of India to retain control of the ailing airline, even as its single-largest public shareholder, Etihad Airways PJSC, has sought to oust him in exchange for infusing much-needed funds. Goyal has told SBI, Jet Airways’ largest lender, that …

Trouble mounts for Jet Airways: Here are key factors that led to airline's financial crisis
6 years, 1 month ago

Trouble mounts for Jet Airways: Here are key factors that led to airline's financial crisis

India Today  

India’s biggest full-service carrier Jet Airways, which is going through a massive financial crunch, recently decided to stop free meals for most of its domestic economy class passengers from January, reported Reuters. Having said that, here are some important facts related to the financial crisis at Jet Airways: Three consecutive quarterly losses The premium airline suffered three back-to-back quarterly losses …

From Q1 loss to talks of sale of airline, a timeline of Naresh Goyal-owned Jet Airways' turbulent journey
6 years, 1 month ago

From Q1 loss to talks of sale of airline, a timeline of Naresh Goyal-owned Jet Airways' turbulent journey

Firstpost  

Jet Airways Ltd, the biggest full-service carrier in India, has been under dark clouds for the past few months. While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its own. Here’s how the story unfolded: 3 May: Jet …

Q2 results: Jet remains off course, posts third straight quarterly loss
6 years, 2 months ago

Q2 results: Jet remains off course, posts third straight quarterly loss

Live Mint  

Mumbai: Jet Airways Ltd posted a worse-than-expected loss for the third straight quarter on higher fuel costs and foreign currency losses. “At the strategic level, the company remains committed and is on track to realise most of the outcomes that were outlined as part of its turnaround strategy last quarter, including cost savings in excess of ₹ 2,000 crore over …

Jet Airways offers 25 lakh seats on sale at up to 30% discount
6 years, 4 months ago

Jet Airways offers 25 lakh seats on sale at up to 30% discount

Live Mint  

New Delhi: Cash-strapped private carrier Jet Airways has announced a six-day global flight ticket sale. Jet Airways has put up 25 lakh seats on discount of up to 30% on the base fare for domestic and international flights, applicable on select booking classes. People in the Gulf cities can book their travel to destinations in India, Nepal, Bangladesh, Sri Lanka …

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