London-based AdiGro Group proposes to restart Jet Airways operations by July 1
May 20, 2019: One of the unsolicited bidders for Jet Airways, London-based AdiGro Group, has proposed to resume its operations by July 1.
May 20, 2019: One of the unsolicited bidders for Jet Airways, London-based AdiGro Group, has proposed to resume its operations by July 1. The parent company of AdiGro Aviation has said, in a six-point plan, that balance sheet management and not operating the airline like a lifestyle company are the two main elements for reviving the airline which shut operations on April 17.
Sanjay Viswanathan, founder and chairman of AdiGro Group expressed his keenness to partner with Etihad Airways and turn around the 25-year-old airline, saying that the company's top leadership will need to take a 25% pay cut, while the other employees will have to give up 10%, and in return they will be offered ESOPs. AdiGro Group proposed to resume Jet operations with 8,000-9,000 employees and 70 aircraft.
"We have asked for a relevant and practical haircut, but more importantly, we are actually giving equity upside. Our binding bid has an equity component for the lender group, which means that not only will they recover their money, but also get a significant upside once our turnaround plan is executed," Viswanathan told a leading daily.
Among its condition to revive the Jet operations, AdiGro has said that its investors want Viswanathan to be the non-executive chairman of Jet. The company will hire experts from India who have sound knowledge of the country's aviation market.