Economy

Cash-starved Jet indefinitely suspends operations to Northeast markets

Cash-starved Jet indefinitely suspends operations to Northeast markets

Jet Airways said its Mumbai-Kolkata, Kolkata-Guwahati and Dehradun-Guwahati via Kolkata stand cancelled for Friday due to "operational reasons". The airline cited operational issues as the reason for the cancellations.

Indian media are reporting that Jet Airways has received an expression of interest from four companies to buy a stake in the airline.

The Times of India today reports that Jet Airways is now only operating 14 of its of its fleet of over 100 aircraft.

Etihad, which holds a 24 per cent stake, is understood to have thrown its hat into the ring on Thursday.

It has put between 31 per cent and up to 75 per cent in the airline for investors.

Etihad, however, has refused to comment on "rumour or speculation".

"Goyal is keen to submit an EoI, but is yet to take a final decision".

A senior executive of a public sector bank said the country's first sovereign wealth fund National Infrastructure Investment Fund (NIIF), as well as private equity firms TPG Capital and Indigo Partners, had expressed an interest in buying a stake in Jet.

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The Jet Airways stock was again clobbered on the bourses, closing 1.14 per cent lower at Rs 260.40 on the BSE on Thursday.

Singapore Changi airport has confirmed that Jet Airways has suspended flights to and from the Southeast Asian hub.

The airline, which now has 12 aircraft flying and has also considerably curtailed its global and domestic services, needs an urgent infusion of funds.

Various India media reported on Friday that Jet Airways had cancelled all worldwide flights, which include services to Europe and Asia.

Replacing the flights will not be easy, they added.

Mumbai: In an indication of a possible hard-landing, crippled Jet Airways on Thursday indefinitely suspended operations to the Eastern and Northeastern states after its active fleet came down to just 14, a travel industry source said.

Jet Air has also grounded its services to and from the East and Northeast regions. As per flight schedules checked by TNM, these are flights from Bengaluru to Thiruvananthapuram, Delhi, Mumbai, Chennai and Hyderabad. Earlier, statements by the airline had specifically pointed to the airline's active engagement with the lessors to improve the situation. The aviation ministry had earlier said it would review Jet's eligibility to fly overseas in case its fleet strength fell below 20 - the minimum number needed to be eligible to fly overseas.