Skip to content
Search

Latest Stories

AdiGroup joins Jet Airways' employees to bid for 75 per cent of airline

IN a first-of-its-kind initiative, a Jet Airways employees consortium and London-based AdiGroup on Friday (28) announced a partnership to bid for 75 per cent of the airline, which is facing bankruptcy proceedings, through the NCLT process.

The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by the State Bank of India (SBI) on behalf of 26 lenders on June 20 for the debt-laden company which owes around Rs 250 billion (£2.86bn) to lenders, vendors, lessors, and employees.


"Jet Airways Employee Consortium and AdiGroup are delighted to announce their partnership to bid for acquisition of 75 per cent of Jet Airways through NCLT process," a joint statement said from the consortium and the UK investor said.

"This is a new dawn in the history of India Aviation of operating an airline through Employee Initiative programme where every single employee of Jet Airways will become an owner of the airline," it said.

At a press conference in New Delhi, Sandeep Vishwanathan, chairman and managing partner of Adigroup, said, "It is a real blessing in disguise that we have here with us the NCLT process for three reasons. Firstly, the fact that the NCLT themselves have accorded this an asset of national importance, that itself means that they want to complete the process in 90 days, which is significant."

"Second is that it removes any open offer restrictions, which means every penny that we bring as investors will go into rescuing the airline," he said.

"Thirdly, we got such a phenomenal opportunity to get to know the employees and the management.... This (bid) actually gives us an opportunity to have them as joint owners," Vishwanathan said.

As Jet Airways ran out of funds, it shut down its operations on April 17 this year which led to a sudden rise in domestic and international airfares.

As a result, the central government decided to temporarily allocate the domestic slots as well as international flying rights of Jet Airways to other airlines who could start new flights immediately and fill the supply gap.

Vishwanathan said that in order to restart the airline, "we need these slots".

"Some of these prime slots are in Delhi and Mumbai and we would need them back. We have been given reassurance that these slots have only been given for a period of time," he added.   Asked how much AdiGroup plans to invest in Jet Airways, Vishwanthan said that the investment can be anywhere between Rs 25bn and Rs 50bn.

"We are waiting for (financial) data from RP (Resolution Professional) through this process.... We need clarity on that," he added.

About shareholding, he said that if successful, AdiGroup will take up to 49 per cent, the employee consortium will take up to 26 per cent and the remaining shares will be held by the lenders.

"We have informed the NCLT through the RP" about our interest in bidding for the airline, he clarified.         "We expect that if everything goes according to plans, we will be asked to put formal Expression of Interest by the end of the month," he said.

Captain Ashwani Tyagi, general secretary of Society for Welfare of Indian Pilots (SWIP), said the airline was like a family to him and it was "challenging yet exciting journey to revive Jet Airways".   He said that the employees are all together in this bid.

"In this employee consortium, every employee will contribute. And every employee will come together," Tyagi said.

Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) president Ashish Kumar Mohanty told that the airline has currently around 9,000 employees on its payroll and that "99 per cent of them have agreed to be a part of this consortium".

Mohanty added that many ex-employees, who left the airline in last few months, have also agreed to be a part of this consortium.

(PTI)

More For You

Anoushka Shankar

Anoushka Shankar will perform Passages in full in a Brighton Festival

Getty Images

Anoushka Shankar, Rachel Portman, and Susanna Mälkki to perform at Brighton Festival 2025

Brighton Festival 2025 is set to bring an exciting array of collaborative classical performances that span centuries and generations, with a dynamic lineup of artists showcasing music from across the ages. The festival's classical programme, curated under the artistic direction of the Grammy-nominated sitarist and composer Anoushka Shankar, promises a journey through time with performances that bridge both the Baroque period and modern orchestral works.

Anoushka Shankar will also be gracing the stage herself, performing music by her father, the legendary Ravi Shankar, alongside the Britten Sinfonia and Indian classical musicians, in a rare live rendition of Passages, an album created by her father in collaboration with the minimalist composer Philip Glass.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

US trade officials in India for talks as tariff deadline nears

US OFFICIALS arrived in India on Tuesday for trade discussions ahead of the implementation of tariffs announced by president Donald Trump.

The meetings come as the US moves forward with reciprocal tariff measures affecting multiple countries, including India.

Keep ReadingShow less
reeves-spring-statement

To prevent a budget deficit, Reeves has announced cuts to disability welfare payments and reductions in government departmental budgets, citing global economic uncertainty.

Government cuts growth forecast, announces public spending cuts

THE UK government reduced its 2025 growth forecast by half on Wednesday and announced spending cuts to manage public finances amid economic challenges.

The Spring Statement update comes as the Labour government, which won a landslide election in July, faces slow economic growth and rising borrowing costs.

Keep ReadingShow less
Ben Affleck

Ben Affleck and Jennifer Lopez at a red carpet event before their split

Getty Images

Ben Affleck opens up on divorce as Jennifer Lopez buys £14M home : ‘We were just too different’

Ben Affleck has finally addressed his split from Jennifer Lopez, offering an insight into why their marriage ended after just two years. In a recent interview with GQ, the actor reflected on their relationship, emphasising that their differences played a major role in their separation.

Affleck and Lopez, who rekindled their romance in 2021 and married in 2022, filed for divorce in 2024, citing “irreconcilable differences.” Despite months of speculation about behind-the-scenes drama, Affleck dismissed any notion of a major fallout, stating that their breakup was not due to a single incident or controversy.

Keep ReadingShow less
IPL 2025: SRH vs LSG in a High-Stakes Battle for Crucial Win

Lucknow Super Giants and Sunrisers Hyderabad have faced each other four times in the IPL so far

Getty Images

IPL 2025: Hyderabad and Lucknow clash in search of a crucial win

The seventh match of the 2025 Indian Premier League (IPL) season will see Sunrisers Hyderabad (SRH) take on Lucknow Super Giants (LSG).

The much-anticipated clash is set to be held at the Rajiv Gandhi International Stadium in Hyderabad on March 27, with the action beginning at 7:30 PM IST.

Keep ReadingShow less