Jet Airways hits upper circuit on plans to re-start operations in Q1 2022
The airline, which was grounded in April 2019, will resume operations after nearly three years with a New Delhi to Mumbai flight
September 13, 2021 / 12:15 PM IST
Jet Airways share price hit 5 percent upper circuit on September 13 after the airline said it planned to resume domestic operations in Q1 2022.
Jet Airways will resume domestic operations in Q1 2022, the Jalan Kalrock Consortium said on September 13. The airline, which was grounded in April 2019, is set to resume operations after nearly three years. It will restart operations with a New Delhi to Mumbai flight.
Murari Lal Jalan, the lead member of the consortium, said the airline aimed to restart short-haul international operations by the third or the fourth quarter of 2022.
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"The process of reviving the grounded carrier is on track with the existing Air Operator Certificate (AOC) already under process for revalidation. The consortium is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking," the consortium said in a statement.
The plan is to have more than 50 aircraft in three years and over 100 in five years. "The aircraft are being selected based on competitive long-term leasing solutions," Jalan said.
The Kalrock-Jalan resolution plan had been approved by the NCLT on June 22. The Mumbai bench of the NCLT had given the Directorate General of Civil Aviation and the Ministry of Civil Aviation 90 days from June 22 to allot slots to Jet Airways.
The stock was trading at Rs 83.50, up Rs 3.95, or 4.97 percent. It has touched an intraday high of Rs 83.50 and an intraday low of Rs 78.60. There were pending buy orders of 154,037 shares, with no sellers available.