You are here: Home » Companies » News
Business Standard

Jet Airways says in 'advanced discussions' with Boeing, Airbus for aircraft

The grounded airline has been acquired by Murarilal Jalan-Kalrock Capital consortium under the insolvency resolution process.

Jet Airways | Boeing | Airbus

PTI  |  Mumbai 

The latest issue was discovered by Boeing mechanics “on a production airplane during normal build activity”
India's Jet Airways in talks with Boeing for buying aircraft.

Jet Airways, which is preparing to relaunch operations next year, on Friday said it is in "advanced discussions" with and for buying and leasing planes.

The grounded airline has been acquired by Murarilal Jalan-Kalrock Capital consortium under the insolvency resolution process.

The ongoing discussions are part of the grounded airline's revival plan approved by the Mumbai bench of the National Company Law Tribunal (NCLT), the airline said in a regulatory filing on Friday.

Shares of the airline jumped nearly 5 per cent to touch the upper circuit limit of Rs 90.80 in afternoon trade on the BSE.

"Its ( Jet Airways) successful resolution applicant is currently in the process of reviving the company and implementing the approved plan.

"As part of such revival, the successful resolution applicant (consortium) has been in advanced discussions since the approval date with aircraft manufacturers -- The Company and SE regarding the acquisition/ leasing of aircraft to recommence operations of in India," it said.

The filing came amid reports that the consortium partners were holding parleys with and for acquiring some 200 aircraft. According to the filing, the discussions with Boeing and Airbus are in line with the approved plan and that "no fixed value can be determined as on date as the discussions are still ongoing".

The discussions are in the ordinary course of business of the company as per its approved plan. The winning consortium continues to explore the best aircraft type that fits the requirements of the company as a full service carrier, the filing added.

Further, it clarified that the financials as mentioned by a section of media "are purely based on speculative calculations for over 100 aircraft purchased as per industry standards." Bogged down by financial woes, shuttered operations in April 2019.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, December 03 2021. 13:29 IST