Jet Airways has received liquidity support of $300 million in the form of advance lease incentives and borrowings from domestic banks to overcome a financial crisis. The airline had reported a second consecutive quarterly loss (Rs 13.23 billion) in April-June 2018. Besides, the airline has announced its turnaround plan that includes capital infusion and a stake sale in its loyalty programme. According to reports, the airline is planning to save Rs 10 billion by reworking maintenance contracts, and selling and leasing back wide body aircraft worth about $750 million, besides following other cost-cutting measures such as salary reductions, monetisation of the JetPrivilege programe and wet lease some of the small aircraft. To further reduce costs, the airline is planning to induct 11 fuel-efficient Boeing 737 Max aircraft into its fleet by March 2019. Three such planes have already been delivered, and two more are expected soon.
Jet Airways has received liquidity support of $300 million in the form of advance lease incentives and borrowings from domestic banks to overcome a financial crisis. The airline had reported a second consecutive quarterly loss (Rs 13.23 billion) in April-June 2018. Besides, the airline has announced its turnaround plan that includes capital infusion and a stake sale in its loyalty programme. According to reports, the airline is planning to save Rs 10 billion by reworking maintenance contracts, and selling and leasing back wide-body aircraft worth about $750 million, besides following other cost-cutting measures such as salary reductions, monetisation of the JetPrivilege programme and wet leasing some of the small aircraft. To further reduce costs, the airline is planning to induct 11 fuel efficient Boeing 737 Max aircraft into its fleet by March 2019. Three such planes have already been delivered, and two more are expected soon.