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Jet Airways
Jet Airways Limited, trading as Jet Airways, was an Indian full-service airline based in Delhi, with a training and developmental centre in Mumbai. Incorporated in April 1993 as a limited liability company, the airline began operations as an air taxi operator in 1993. It began full operations in 1995, with international flights introduced in 2004. The airline went public in 2005 and in 2007, when it acquired Air Sahara. The airline was expected to re-commence its flight operations by the end of 2024, which would have made it the first Indian airline to be revived after ceasing operations. On 7 November, 2024, the liquidation of the airline was ordered by the Supreme Court of India.
It grew to be one of the largest airlines in India, with a 21.2% passenger market share in February 2016. Jet Airways operated over 300 flights daily to 74 destinations worldwide from its former main hub at Chhatrapati Shivaji Maharaj International Airport in Mumbai and secondary hubs at Chennai International Airport in Chennai, Indira Gandhi International Airport in New Delhi, Kempegowda International Airport in Bangalore, Cochin International Airport in Kochi and Netaji Subhas Chandra Bose International Airport in Kolkata.
With its competitors—primarily low-cost carriers SpiceJet and IndiGo—lowering ticket fares in the following years, it was forced to follow suit, hurting overall performance resulting in steep financial losses. It dropped to second place behind IndiGo in October 2017, with a passenger market share of 17.8%. The downward slide continued and resulted in bankruptcy in 2019. Jet Airways ceased operations in April 2019.
In 2020, Jet Airways was acquired by the investment company Kalrock with plans to resume operations in 2022. However, these plans were delayed due to financial issues and ongoing proceedings with the National Company Law Tribunal. The airline was expected to restart operations by end of 2024, with Jalan-Kalrock's ownership retained.
After years of prolonged attempts at resuscitation, the Supreme Court ordered the liquidation of the airline on 7 November 2024.
The airline was granted a scheduled airline status on 14 January 1995. It entered into a marketing agreement with KLM the same year. In 1996, the airline placed a $375 million order for four 737-400 and six 737-800 aircraft from Boeing, which were delivered between 1997 and 2000. Jet Airways was the first airline in Southeast Asia to order the 737-800. In the financial year 1996–97, the airline carried 2.4 million passengers and had a market share of 20 percent, second highest after state-owned Indian Airlines. By this time, the airline had a fleet of twelve Boeing 737 aircraft, operating 83 daily flights to 23 domestic destinations. In 1997, the Cabinet Committee on Foreign Investment (CCFI) of the Government of India announced that foreign airlines would no longer be permitted to take an equity stake in joint ventures with Indian aviation companies, reversing the Government's earlier policy which had allowed carriers such as Gulf Air, Kuwait Airways and Lufthansa to hold a maximum 40% equity stake in their joint ventures with Indian partners. In October 1997, as per this directive, Naresh Goyal took back control of Trade Winds from its foreign investors.
At the Paris Air Show in June 1999, Jet Airways announced an order worth approximately $550 million for ten Boeing 737-800 aircraft. The airline purchased its first Boeing 737-400 simulator from CAE Inc. in 2001. By April 2001, the airline fleet had grown to 30 aircraft and was operating over 195 flights daily to 37 destinations within India. Jet Airways suffered losses for the first time since its establishment in financial year 2001–2002 as demand fell and costs increased. It was announced as launch customer for the Embraer 175 at the Farnborough air show in 2002, with an order for ten aircraft and ten options worth $520 million; unfortunately, the deal was subsequently held in abeyance due to the airline's financial difficulties and eventually fell through. In 2003, the Indian government decided to allow private carriers to operate international services to countries in South Asia, such as Bangladesh, Nepal, and Sri Lanka, and Jet began preparations to launch international services. The airline launched its first international flight in March 2004 from Chennai to Colombo.
Jet Airways was listed on the Bombay Stock Exchange and became a public company on 28 December 2004. After the Government of India lifted the foreign ownership limits on Indian airlines to 49% from the previous 40%, the airline moved to raise funds via an IPO. The company's IPO in February 2005—which offered 20% of the airline's stock—saw strong interest from investors leading to oversubscription in retail, non-institutional and institutional tranches and raised ₹18.9 billion, instantly making Naresh Goyal a paper billionaire. Towards the end of 2004, the government announced that privately owned scheduled carriers meeting certain criteria could operate to all countries apart from those in the Middle East. Thereafter, in January 2005, the Ministry of Civil Aviation granted rights to Jet Airways to operate services to London Heathrow. The airline started its first international, long-haul flight to London in May 2005 with two-class Airbus A340-300s sub-leased from South African Airways.
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Jet Airways
Jet Airways Limited, trading as Jet Airways, was an Indian full-service airline based in Delhi, with a training and developmental centre in Mumbai. Incorporated in April 1993 as a limited liability company, the airline began operations as an air taxi operator in 1993. It began full operations in 1995, with international flights introduced in 2004. The airline went public in 2005 and in 2007, when it acquired Air Sahara. The airline was expected to re-commence its flight operations by the end of 2024, which would have made it the first Indian airline to be revived after ceasing operations. On 7 November, 2024, the liquidation of the airline was ordered by the Supreme Court of India.
It grew to be one of the largest airlines in India, with a 21.2% passenger market share in February 2016. Jet Airways operated over 300 flights daily to 74 destinations worldwide from its former main hub at Chhatrapati Shivaji Maharaj International Airport in Mumbai and secondary hubs at Chennai International Airport in Chennai, Indira Gandhi International Airport in New Delhi, Kempegowda International Airport in Bangalore, Cochin International Airport in Kochi and Netaji Subhas Chandra Bose International Airport in Kolkata.
With its competitors—primarily low-cost carriers SpiceJet and IndiGo—lowering ticket fares in the following years, it was forced to follow suit, hurting overall performance resulting in steep financial losses. It dropped to second place behind IndiGo in October 2017, with a passenger market share of 17.8%. The downward slide continued and resulted in bankruptcy in 2019. Jet Airways ceased operations in April 2019.
In 2020, Jet Airways was acquired by the investment company Kalrock with plans to resume operations in 2022. However, these plans were delayed due to financial issues and ongoing proceedings with the National Company Law Tribunal. The airline was expected to restart operations by end of 2024, with Jalan-Kalrock's ownership retained.
After years of prolonged attempts at resuscitation, the Supreme Court ordered the liquidation of the airline on 7 November 2024.
The airline was granted a scheduled airline status on 14 January 1995. It entered into a marketing agreement with KLM the same year. In 1996, the airline placed a $375 million order for four 737-400 and six 737-800 aircraft from Boeing, which were delivered between 1997 and 2000. Jet Airways was the first airline in Southeast Asia to order the 737-800. In the financial year 1996–97, the airline carried 2.4 million passengers and had a market share of 20 percent, second highest after state-owned Indian Airlines. By this time, the airline had a fleet of twelve Boeing 737 aircraft, operating 83 daily flights to 23 domestic destinations. In 1997, the Cabinet Committee on Foreign Investment (CCFI) of the Government of India announced that foreign airlines would no longer be permitted to take an equity stake in joint ventures with Indian aviation companies, reversing the Government's earlier policy which had allowed carriers such as Gulf Air, Kuwait Airways and Lufthansa to hold a maximum 40% equity stake in their joint ventures with Indian partners. In October 1997, as per this directive, Naresh Goyal took back control of Trade Winds from its foreign investors.
At the Paris Air Show in June 1999, Jet Airways announced an order worth approximately $550 million for ten Boeing 737-800 aircraft. The airline purchased its first Boeing 737-400 simulator from CAE Inc. in 2001. By April 2001, the airline fleet had grown to 30 aircraft and was operating over 195 flights daily to 37 destinations within India. Jet Airways suffered losses for the first time since its establishment in financial year 2001–2002 as demand fell and costs increased. It was announced as launch customer for the Embraer 175 at the Farnborough air show in 2002, with an order for ten aircraft and ten options worth $520 million; unfortunately, the deal was subsequently held in abeyance due to the airline's financial difficulties and eventually fell through. In 2003, the Indian government decided to allow private carriers to operate international services to countries in South Asia, such as Bangladesh, Nepal, and Sri Lanka, and Jet began preparations to launch international services. The airline launched its first international flight in March 2004 from Chennai to Colombo.
Jet Airways was listed on the Bombay Stock Exchange and became a public company on 28 December 2004. After the Government of India lifted the foreign ownership limits on Indian airlines to 49% from the previous 40%, the airline moved to raise funds via an IPO. The company's IPO in February 2005—which offered 20% of the airline's stock—saw strong interest from investors leading to oversubscription in retail, non-institutional and institutional tranches and raised ₹18.9 billion, instantly making Naresh Goyal a paper billionaire. Towards the end of 2004, the government announced that privately owned scheduled carriers meeting certain criteria could operate to all countries apart from those in the Middle East. Thereafter, in January 2005, the Ministry of Civil Aviation granted rights to Jet Airways to operate services to London Heathrow. The airline started its first international, long-haul flight to London in May 2005 with two-class Airbus A340-300s sub-leased from South African Airways.