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Naresh Goyal steps down as Chairman of Jet Airways

By Netpal Travel Bureau

Finding a sustainable solution to the turnaround of Jet Airways has been receiving the attention of all stakeholders to enable the airline to restore normalcy to its level of operations.

As part of the Resolution Plan, the Lenders will provide an immediate interim funding support of INR 1500 crore to Jet Airways. The Company will also engage with payment intermediaries for release of trapped cash.

The airline will leverage the funding to partly clear pending dues towards lessors, vendors, creditors and employees in a phased manner. The move will see Jet Airways re-deploy several of its grounded aircraft back into its network, help renew many of the routes it had temporarily suspended.

The airline’s long-term operating plan focuses on revenue enhancement and cost optimisation as the fundamental pillars of building a healthy, growing and durable airline. The plan addresses a cross-section of areas in addition to an operating plan, which takes advantage of the airline’s fleet, its resources, slots and its network.

As part of the resolution plan, the Lenders will also begin the process of sale and issue of shares to new investors which is expected to be completed in June quarter.

Mr. Naresh Goyal, the Board of Directors and the entire management team of Jet Airways take this opportunity to duly acknowledge the contribution and faith of the entire workforce of Jet Airways. Mr Goyal considers himself very fortunate to have such a dedicated team by his side and is confident that with their collective efforts, Jet Airways can be set back on track, signalling the successful return of India’s premier, full service international carrier.

The Chairman thanked all stakeholders for being a pillar of strength in the journey of the airline over almost three decades. He profusely thanked the Board, the lenders, partners and each and every employee of the Jet Airways family and hoped that they would continue to work tirelessly to take the airline back to its days of glory.

Naresh Goyal said, “Today, as I ponder on the past and look to the future, I do realise that there must come a day when the torch that we have carried all this while, will need to be passed on. There is no better time than the present. For the sake of my family of 22,000 employees and their respective families I have today taken the step of stepping down from the Board of Jet Airways.”

The Board of Directors of Jet Airways (India) Limited unanimously lauded the Chairman, Mr. Naresh Goyal’s vision in giving birth to the iconic brand, Jet Airways a quarter of a century ago, putting India on the aviation map of the world. Board members in one voice averred that the Chairman has always been way ahead of the times and has grown the airline with the most remarkable single-minded determination.

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