A consortium, which won the bid to acquire India-based Jet Airways, expects to restart operations of the defunct airline in four to six months, a report said.
The operations will start once approval is reeived for its revival plan from India's National Company Law Tribunal, the country's top bankruptcy court, the report in Khaleej Times said.
The consortium, comprising Murari Lal Jalan, a low-profile UAE businessman, and Kalrock Capital, London-based investment fund, submitted an Rs10 billion plan to re-launch the debt-ridden airline in November 2020, the report said.
Abu Dhabi’s Etihad Aviation Group holds 24 per cent of Jet Airways which reportedly owes more than $3 billion to lenders, lessors, staff and other suppliers, it said.
On the required funding to restart the airline, Jalan said it was not a concern during the first stage or for maybe a year or two. “Everything is planned properly and we are going with the plan.”
In the beginning, the consortium plans to start operations with 25 aircraft. Of this, 18-20 would be narrow body aircraft and 5-7 would be wide body aircraft, it said.