Do not fly by Jet, belly up

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If you are planning to fly, avoid Jet Airways. If you are holding a Jet Airways ticket, bought weeks ago, please check again as most of their flights are grounded as Jet Airways is crash landing with belly up.

Jet Airways, on the verge of going bust, has suspended operations on as many as 13 more international routes till end-April even as it grounded seven more planes due to non-payment of rentals, taking the number of such aircraft to 54.

The pilots are going to strike from April 1 and it seems that one of the most prestigious airlines of India’s days are over as new plan of taking over is on the anvil.

The main lender the State Bank of India may consider plans to buy a controlling stake in Jet Airways NOSE and sell it later to an interested party as the promoters of the ailing airline have failed to agree on a deal.

According to an aviation expert, unlike Air India, the jet will get players to buy it. The jet had a major problem as promoter Naresh Goyal, which founded the airline was holding and refused to let it go. He has been asked to move away and his share would go down from 51% to 17% and new players may pick up as many as 70%

Gasping for funds and no bailout on the horizon, the Naresh Goyal-controlled airline has now reduced its operations to one-fourth from over 600 daily flights earlier, with just one-third of its 119 fleets being operational.

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