Jet Airways, India’s second-biggest airline by market share ran into troubled waters due to falling airfares, low margins and rising fuel costs.
The airline is also trying to monetise the frequent flyer programme it co-owns with partner Etihad Airways.
Jet clarified that the Srinivasan Vishvanathan had retired after his term ended.
Unless Jet has a trump card up its sleeve and pulls off something big, it can really careen off the runway.
The initial plan in the first phase is for 10 million and another 10 million in the next, but based upon the projected demand we may complete the phases together, said a GVK spokesperson.
The company slashed its manpower 8-9% last year even as it made its functions more technology driven.
Airline’s average yield or ticket per passenger fell 5.4% while revenue per available seat kilometer fell 3.1% leading to a fall in net profit.
GVK via GVK Airport Holding owns 50.5% in the Mumbai International Airport Ltd. (MIAL), the consortium that runs the existing airport in Mumbai.
That, GoAir’s CEO Cornelis Vrieswijk said in a recent interview, is what this airline aims to do as well. But that will take time.
Earlier, Airbus subsidiaries Navblue and Aerial signed contracts with three Indian startups, accelerated at Airbus Bizlab India, in fields of aeronautical data services, flight operations and imagery.
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