Business
Jet staff knock on Aviation Ministry's doors
New Delhi, May 21
Faced with the prospect of job loss, the employees of grounded Jet Airways knocked on the doors of government for helping to save the airline.
The airline staff from across various departments took out a march on Tuesday in front of Rajiv Gandhi Bhawan that houses the Civil Aviation Ministry. The employees hope the government will take note of their situation and act to protect jobs.
Facing severe liquidity crisis, Jet Airways suspended all its operations on April 17 leaving its almost 22,000 employees in the lurch. With the financial health of the airline worsening since then and the SBI-led lenders yet to rope in a buyer, the carrier has seen a mass exodus of employees especially engineers and pilots.
A Jet insider now estimates that the staff strength of the airline could have come down by half in over one month.
"Now that elections are over we hope that government would take necessary steps to revive Jet Airways. We will try to meet Aviation Secretary Pradeep Singh Kharola and understand what government could do to protect our jobs," said a protesting employee working with the airline's engineering department.
Another personnel said that the SBI-led lenders should expedite the stake sale process as there have already been significant delays.
While lenders are vetting various investment proposals, most of the top airline executives including its CEO, CFO and Company Secretary have resigned from their respective positions citing personal reasons.
Close on the heels of resignation by the airline's whole-time director Gaurang Shetty, Etihad nominee on the board Robin Kamark also resigned on May 16.
Abu Dhabi-based Etihad Airways, which holds 24 per cent stake in the crisis-hit Jet Airways, is currently the only solicited bidder for a stake in the airline. But experts have found its bid unattractive for the lenders given multiple riders attached to it.
Besides offering to invest just Rs 1,700 crore against the requirement of Rs 15,000 crore to revive the crisis-hit airline, Etihad has in its proposal put the onus of finding majority buyer on lenders. The Gulf carrier also wants exemption from giving open offer in case its stake goes beyond 26 per cent.
The airline staff from across various departments took out a march on Tuesday in front of Rajiv Gandhi Bhawan that houses the Civil Aviation Ministry. The employees hope the government will take note of their situation and act to protect jobs.
Facing severe liquidity crisis, Jet Airways suspended all its operations on April 17 leaving its almost 22,000 employees in the lurch. With the financial health of the airline worsening since then and the SBI-led lenders yet to rope in a buyer, the carrier has seen a mass exodus of employees especially engineers and pilots.
A Jet insider now estimates that the staff strength of the airline could have come down by half in over one month.
"Now that elections are over we hope that government would take necessary steps to revive Jet Airways. We will try to meet Aviation Secretary Pradeep Singh Kharola and understand what government could do to protect our jobs," said a protesting employee working with the airline's engineering department.
Another personnel said that the SBI-led lenders should expedite the stake sale process as there have already been significant delays.
While lenders are vetting various investment proposals, most of the top airline executives including its CEO, CFO and Company Secretary have resigned from their respective positions citing personal reasons.
Close on the heels of resignation by the airline's whole-time director Gaurang Shetty, Etihad nominee on the board Robin Kamark also resigned on May 16.
Abu Dhabi-based Etihad Airways, which holds 24 per cent stake in the crisis-hit Jet Airways, is currently the only solicited bidder for a stake in the airline. But experts have found its bid unattractive for the lenders given multiple riders attached to it.
Besides offering to invest just Rs 1,700 crore against the requirement of Rs 15,000 crore to revive the crisis-hit airline, Etihad has in its proposal put the onus of finding majority buyer on lenders. The Gulf carrier also wants exemption from giving open offer in case its stake goes beyond 26 per cent.

5 hours ago
Feels like something divine, blessing from past life: Indian diaspora overjoyed after meeting PM Modi in Buenos Aires

5 hours ago
PM Modi begins historic Argentina visit by paying tribute to country's liberator

6 hours ago
Trump says Iran may restart nuclear programme "at a different location", calls it "a problem"

9 hours ago
Hamas submits "positive response" to US-backed Gaza ceasefire deal

9 hours ago
Trump announces plans to host UFC fight at White House for nation's 250th year of independence

9 hours ago
24 die in Texas floods, Trump calls inundation 'terrible'

9 hours ago
Musk threatens Republicans over Trump's 'big, beautiful bill', sparks internal rift

9 hours ago
Trump's 'One Big Beautiful' Tax and Spending Law: A New Era of Economic Redesign

10 hours ago
Ryo Tatsuki's tsunami prediction shook Japan; a heavy blow to the tourism sector; loss estimated at ₹30,000 crore.

13 hours ago
Release of Anushka Shetty, Vikram Prabhu-starrer 'Ghaati' postponed

13 hours ago
Goldmine: Sanju Rathod of ‘Gulabi Sadi’ fame says, there’s a lot to explore in Marathi music

13 hours ago
Makers of Prabhas's The Raja Saab condole demise of Hollywood star Michael Madsen

13 hours ago
Niharika Chouksey calls his Tum Se Tum Tak co-star Sharad Kelkar 'a very good human being'