Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Jet staff promise to secure Rs3K crore, seek SBI nod to bid

Updated: April 29th, 2019, 23:33 IST
in Business
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: Sensing that the options to revive Jet Airways are fast running out, a group of airline employees has written to SBI seeking permission to allow a consortium of employees and external investors to bid for the company’s management control.

Employee representatives have said they will secure an investment of up to Rs 3,000 crore from “external investors”. Society for Welfare of Indian Pilots (SWIP) and the Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) have sent the proposal and promised that employees would contribute to the revival of the airline from their future earnings and increased productivity.

Also Read

India, China

After a gap of five years, India resumes issuance of tourist visas to Chinese citizens

7 hours ago

Flurry of trade deals offers relief for some Asian countries, while others wait

7 hours ago

“According to our initial estimate, the contribution of employee group over a hypothetical five-year Employee Stock Ownership Programme (ESOP) is likely to be upward of Rs4,000 crore,” a joint letter to the SBI Chairman stated.

They said the decision had been taken through extensive discussion with various employee groups across the company and also with colleagues who have in the past successfully held senior management positions.

“We recognise that legacy issues of high operating costs, overstaffing, unfavourable vendor or lease agreements and adverse debt to equity ratio are involved,” the proposal reads.

The associations have also urged lenders to immediately reverse de-registration of aircraft and reallocation of airport slots.

“[I]f not reversed quickly, [it] would spell doom for any future prospects of reviving the company,” the associations warned.

Lenders of Jet Airways, led by SBI, are currently in the process of selling the airline to recover dues of more than Rs 8,400 crore. SBI Caps, the merchant banking arm of SBI, is short-listing the investors to submit financial proposals by April-end.

Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways are in the race to buy a stake in the grounded airline.

—pti

Tags: EmployeesEtihad AirwaysJET AIRWAYSNIIFSBI
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Praptimayee Biswal

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

Tapaswini Mallick

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019

Archives

Editorial

Exit Mystery

Jagdeep Dhankhar
July 23, 2025

A major controversy has erupted after the sudden resignation of Vice President Jagdeep Dhankhar, tendered hours after he had attended...

Read more

Voting At 16

Ballot Box
July 22, 2025

It has long been held that when one is young, one tends to subscribe to pro-poor and people-oriented progressive politics,...

Read more

Water Bomb

OPiate
July 21, 2025

On 19 July, China began constructing a $167.8 billion dam on the Brahmaputra River in Tibet, close to the Indian...

Read more

Wild Swing

July 20, 2025

The BJP is seen today as a corporate-friendly political party, and this is the view held by both the party’s...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST