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Consortium of Jet staff to join UK team in airline revival bid
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Consortium of Jet staff to join UK team in airline revival bid

Pennews

A consortium of employees of the defunct Jet Airways has pitched in to bid for the airline to put it back on the radar.

The consortium is reported to have joined hands with London-based AdiGroup to bid for 75 per cent in the airline. It proposes to present it's case to the National Company Law Tribunal (NCLT).

Reports quoting a representative of the employees said AdiGroup would partner with them to revive Jet Airways.

The employees have come together through two unions - Society for Welfare of Indian Pilots and Jet Airways Aircraft Maintenance Engineers' Association.

The airline with a debt of Rs 25,000 crore suspended operations on April 17.

The Mumbai bench NCLT on June 20 admitted the insolvency petition of State Bank of India (SBI) to sell Jet Airways. Meetings were later held with lenders where it was decided to pursue insolvency proceedings.

Earlier, AdiGro Aviation, part of the AdiGroup, had offered to invest Rs 2,500 crore for 24.9 per cent stake in Jet Airways, as part of involving Etihad Airways and Hinduja Group for the revival plan

But the move failed and lenders approached the insolvency court.

AdiGro Aviation founder Sanjay Viswanathan reportedly said the consortium would bid for 75 per cent stake, of which the London-based firm will keep 49 per cent, the cap for foreign direct investment in the sector, and the rest would be through the employees consortium.