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Jet Airways: The riches to rags story of India's oldest private airline - Published For a long period of time, especially during the late 1990s and 2000s, Jet Airways was the shining face of Indian aviation. But now it finds itself on the verge of collapse. What went wrong? The BBC's India business correspondent Sameer Hashmi explains. Jet Airways won itself many loyal customers when it started operations because it redefined the Indian flying experience. It set itself apart in a market dominated by the national carrier, Air India, by offering world class service. Over the last decade it grew steadily - becoming India's largest international carrier. But the airline, which celebrated its silver jubilee just last year, is now fighting for its survival. In recent weeks it has cancelled thousands of flights, affecting passengers flying on both international and domestic routes. It has grounded more than two-thirds of the 119 aircraft it had in its fleet because it is no longer able to pay leasing companies. The company has amassed a debt of more than than $1bn (£750m) and has failed to pay salaries and loans. Rescue efforts But for now at least, all is not lost. In a rare move the Indian government is desperately trying to save Jet, despite the fact that it is a private airline. So it is asking state-run banks to step in with a bailout plan. With elections scheduled to start next month, Prime Minister Narendra Modi wants to stop the airline - which employs 23,000 people - from collapsing. The "rescue mission" is headed by the State Bank of India (SBI), the country's largest public sector bank. Its head, Rajnish Kumar, on Thursday said that lenders are close to working out a resolution plan. But not everyone is convinced it can be saved. Air India's former executive director, Jitender Bhargava, says it will be very difficult for banks to find investors - given the current financial mess the airline is in. "Who will be ready to put in money when profitability is not on the horizon? You cannot put in money to sink it." SBI has already held talks with Abu Dhabi-based Etihad Airways, which owns a 24% stake in Jet. The lenders want Etihad Airways to invest more money in the airline but the latter is reported to have declined the offer and instead wants to sell its entire stake and exit the business. But aviation expert Mahantesh Sabarad thinks that Jet Airways is still a strategically good investment for Etihad. By increasing its stake, he believes, the gulf carrier will get a bigger foothold in an aviation market that is forecast to become the third largest by 2024 behind the United States and China. "If immediate cash is injected and the aircraft that are grounded start flying again, then the airline can be rescued. In the current scenario, Etihad is the best bet for Jet Airways," he said. The Goyal problem But the major factor that has held back potential investors, including Etihad Airways, is the founder and chairman of the airline. Naresh Goyal has been reluctant to give up control of the company. According to multiple reports, Etihad Airways initially agreed to invest more money and raise its equity stake in the airline. But the deal collapsed after Mr Goyal refused to step down as the chairman of the airline. He and his family own a 52% stake in Jet Airways. Indian aviation rules allow foreign airlines to own a stake of up to 49% in Indian carriers. "Mr Goyal has always wanted to keep control of the airline at any cost. Even in the past when the airline was going through tough times, he turned down deals to protect his position," says a former senior executive of Jet Airways who didn't want to be named. Many news reports say lenders have asked Mr Goyal and his wife to step down from the board. "Mr Goyal stepping down will open up a lot of options for the airline. Any investor that is willing to invest would want full control and to run it professionally," says Mr Bhargava. An email sent to Jet Airways regarding Mr Goyal's future did not elicit any response. Turbulence from low cost carriers Jet Airways was born in 1993, two years after India liberalised its economy and opened its doors to private investments. The company was one of five private airlines to set up soon after. The others did not survive but Jet Airways kept cruising to new heights. It kept increasing its market share, eating into the monopoly enjoyed by national carrier Air India. In fact, the rise of Jet coincided with the decline of Air India, which was plagued by poor service and bad business decisions taken by its political masters. Its troubles however, began with the entry of low-cost carriers like IndiGo and SpiceJet in the mid-2000s. The new airlines began offering tickets at a much lower prices. IndiGo also kept its operational costs low by offering basic services and no food on flights. To compete with them, Jet also started lowering its fares, despite continuing to be a full service airline. "The biggest challenge for Jet Airways was that its operational cost was much higher compared to low-cost carriers, which is what prevented it from making profits," says Mr Bhargava. Apart from stiff competition, volatile crude oil prices and a depreciating rupee also exacerbated its financial problems. Since 2008, the airline kept incurring huge losses , forcing it to keep borrowing from banks. Meanwhile, IndiGo kept eating into Jet Airways market share. Things turned from bad to worse in 2018. Crude oil prices shot up significantly, touching $80 and simultaneously, the Indian currency lost nearly 20% of its value against the dollar. Both factors play a critical role in the airline business. "These two factors really dented the airlines' cash flow, and it couldn't recover from there," says Mr Sabarad. Borrowed time Jet Airways used to operate on 600 domestic and 380 international routes. But since the crisis began, it has cut down hundreds of flights including to international destinations like Abu Dhabi, Manchester and Hong Kong. It has also curtailed its operations within the country by stopping flights from the capital Delhi to major Indian cities like Bangalore, Chennai (formerly known as Madras) and Hyderabad. According to some media reports, the government has nudged low cost carriers like SpiceJet to consider taking over some of the aircraft grounded by Jet Airways. To make matters worse, the airline's pilots union has said they have decided to stop flying from 1 April if Jet Airways does not have a rescue plan in place by then. "It is not about the salary right now, it is about getting clarity about our future. We have bills to pay, and many of us are sole breadwinners in the family," Asim Valiani, vice president of the union, told the BBC. Airfares have soared with passengers sometimes having to pay four to five times the cost of a regular ticket. It is still unclear what the outcome of the Jet Airways fiasco will be. But for now, airline staff and customers are bearing the brunt.
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जेट एयरवेज: सम्पूर्ण उडान स्थगित, नेपालबाट दिल्ली जाने अरू विमानमा चाप समस्याग्रस्त भारतीय हवाईजहाज कम्पनी जेट एयरवेजले आफ्ना सबै अन्तर्राष्ट्रिय तथा आन्तरिक उडानहरू अनिश्चित कालका लागि स्थगित गरेको छ। उक्त कम्पनीले नेपाल तर्फको उडान गत सोमवारदेखि बन्द गरेको जेट एयरवेजका अधिकारीहरूले बीबीसी नेपाली सेवालाई जानकारी दिए। सबै उडान स्थगित गर्नुअघि जेट एयरवेजले नेपालबाट हप्ताको ३५ वटा उडान गर्दै आएको थियो। तीमध्ये भारतको राजधानी नयाँ दिल्लीमा दैनिक चारवटा र मुम्बईमा एउटा उडान हुन्थे। जेट एयरवेजले नेपाललाई एउटा राम्रो अन्तर्राष्ट्रिय गन्तव्य मान्ने गरेको थियो। टिकट पाउनै गाह्रो जेट एयरवेजका उडान स्थगित भएपछि काठमाण्डूबाट एअर इन्डिया, इन्डिगो र नेपाल वायुसेवा निगमका विमानले मात्रै भारततर्फ उडान गरिरहेको त्रिभुवन अन्तर्राष्ट्रिय विमानस्थलका सूचना अधिकारी तेज बहादुर पौडेलले बीबीसी नेपाली सेवालाई जानकारी दिए। जेट एयरवेजका उडान स्थगित भएपछि अन्य विमानसेवामा यात्रुको चाप बढेको छ। अरू विमानको अधिकांश टिकट बिक्री भइसकेको हुनाले जेट एयरवेजको टिकट किनिसकेका यात्रु र अन्य नयाँ यात्रुलाई दिल्ली र मुम्बईको टिकट पाउन गाह्रो भएको छ। पौडेलका अनुसार एअर इन्डियाले काठमाण्डूबाट नयाँ दिल्लीतर्फ दिनको दुईवटा उडान र काठमाण्डूबाट कोलकाता हप्तामा तीनदेखि चारवटा उडान सञ्चालन गर्ने गरेको छ। त्यस्तै इन्डिगोले नयाँ दिल्लीतर्फ दैनिक एउटा उडान गर्दै आएको छ भने नेपाल वायुसेवा निगमले दैनिक दुईवटा उडान गर्दै आएको छ। नेपाल वायुसेवा निगमले एक दिन मुम्बई र एक दिन बैङ्ग्लोर गरेर प्रत्येक दिन एउटा उडान गर्दै आएको छ। सीधा र नियमित उडान नभए पनि भुटानको रोयल भुटान एअरलाइन्स र ड्रुक एयरको विमानहरूले पनि काठमाण्डूबाट विभिन्न भारतीय सहरलाई जोड्ने गरेका छन्। जेट एयरवेजको अवस्था के छ? आर्थिक सहायताको खोजीमा रहेको उक्त कम्पनीले बुधवार राति अन्तिम पटक उडान गरेको थियो। हवाई इन्धन तथा अन्य संवेदनशील सेवाको खर्च उठाउन नसके पछि कम्पनीले त्यस्तो निर्णय गरेको हो। जेट एयरवेजले त्यसको गर्नुबाहेक अन्य विकल्प बाँकी नभएको तर आफू चाँडै सेवामा फर्कने कुरामा आशावादी रहेको बताएको छ। झन्डै १.२ अर्ब अमेरिकी डलर ऋणको भार बोकेको सो कम्पनी ऋणदाताहरूसँग छलफलमा थियो। एक सय २३ वटा विमान रहेको जेट एयरवेज भारतमा निजी क्षेत्रले सञ्चालन गरेको सबैभन्दा ठूलो विमान कम्पनी हो। एउटा विज्ञप्ति जारी गर्दै जेटले "ऋण दाता र आधिकारिक निकायहरूसँग लामो समयसम्म चलेको निरन्तर प्रयासबाट परिणाम नआएपछि " सम्पूर्ण उडान बन्द गर्न बाध्य भएको बताएको छ। पच्चीस वर्षअघि नरेश गोयलले स्थापना गरेको उक्त कम्पनीले २३ हजार जनालाई रोजगारी दिएको छ। गोयलले कम्पनीको अध्यक्ष पदबाट गत महिना राजीनामा दिएका थिए। समस्याको भुमरीमा फसेको जेट एयरवेजले विमानचालक, इन्जिनियर र अन्य कर्मचारीले महिनौँदेखि पारिश्रमिक पाएका छैनन्। "अन्तरिम लगानीका लागि गरिएको अनुरोधबारे विचार गर्न नसक्ने उत्तर सम्भावित लगानीकर्ताहरूको समूहको तर्फबाट स्टेट बैङ्क अफ इन्डियाले हामीलाई हिजो राति दिएको छ," कम्पनीले भनेको छ। जेटको अन्तिम उडान रवीन्द्र सिंह, बीबीसी पन्जाबी जेट एयरवेजले बुधवार राति अमृतसरबाट अन्तिम उडान गर्यो। चालकदल र कम्पनीका अन्य कर्मचारीका लागि उक्त उडान भावनात्मक यात्रा थियो। "सूर्य फेरि उदाउने छ," १७ वर्ष देखि जेट एअरसँग आबद्ध विमानचालकले उडानअघि मलाई भने। त्यो पक्कै पनि उडान पनि स्थगित हुन्छ भन्ठान्दै कतिपय यात्रु अनुपस्थित थिए। तर विमानमा भएका यात्रुहरूले भने चालकदलका सदस्यहरूको भविष्यबारे चिन्ता व्यक्त गरेका थिए। कतिपय यात्रुले भने इतिहास बनाउनकै लागि उक्त उडानको टिकट किनेका थिए। विमान अवतरण गर्नु अघि विमानचालकले आशावादी कुरा सुनाएका थिए। हालका लागि यो नै अन्तिम उडान भए पनि विमान चाँडै सञ्चालन हुने उनले विश्वास व्यक्त गरे। ब्याङ्कहरूले जेट एयरवेजका लिलाम बढाबढ गर्न माग गरेका छन्। त्यस्तो प्रक्रियामा आफ्नो सहयोग उनीहरूको भनाइ छ। जेट एयरवेजमा इतिहाद एअरको २४ प्रतिशत हिस्सा छ र उसले आफ्नो त्यो बढाउन खोजेको बताइएको छ। जेट एयरवेजले भारतमा ६०० वटा आन्तरिक र ३८० वटा अन्तर्राष्ट्रिय गन्तव्यमा उडान गर्दै आएको थियो। तर कम खर्चमा टिकट बेच्ने इन्डिगो र स्पाइस जेट सञ्चालनमा आएपछि उक्त कम्पनीले बजार हिस्सा गुमाउन थालेको थियो। यो पनि पढ्नुहोस्