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Jet Airways crisis: Airline's employee consortium, AdiGroup to bid for 75% of company at NCLT

BusinessToday.In     June 28, 2019

The Jet Airways Employee Consortium and AdiGroup have joined hands to bid for the acquisition of 75 per cent of the grounded airline through the National Company Law Tribunal (NCLT) process. In a statement, the partnership said that through the Employee Initiative programme "every single employee of Jet Airways will become an owner of the airline".

Captain Ashwani Tyagi, Commander Boeing 777 and General Secretary of the Society for Welfare of Indian Pilots said at a press conference: "Jet Airways has been family to me. My colleagues across rank and file of the Airline have worked closely with me through the years to provide incredible joy and satisfaction to millions of passengers who flew with us every day. We are delighted that AdiGroup stepped up to partner with us in this challenging yet exciting journey to revive Jet Airways."

The Mumbai bench of NCLT had admitted the insolvency petition of the SBI-led consortium of banks to sell the airline.

Ashish Mohanty, President of Jet Aircraft Maintenance Engineers Welfare Association who has been an employee of the airline for 24 years said that they are committed to co-invest with AdiGroup and will be flexible with their work environment and salaries so that no stone is left unturned to revive the grounded airline.

The Chairman of AdiGroup, Sanjay Vishwanathan thanked the employees of Jet Airways and said that it was only natural for them to have partnered with the airline's employees and management.

A part of the London-based AdiGroup, AdiGro Aviation had earlier offered to invest Rs 2,500 crore for 24.9 per cent in Jet.

The partners said in a statement that they hoped the NCLT will work swiftly and fairly to enable the partnership and restart the airline.

(Edited by Anwesha Madhukalya)

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