Jet Airways to suspend operations from today

Jet Airways

India's Jet Airways to suspend all operations after banks reject funding request

Air India, Jet Airways and Vistara are the only three full service carriers in the country.

Jet Airways will stop operations as of the night of April 17. Earlier this month, SBI Caps, on behalf of the lenders, had invited bids for selling between 32.1 percent and up to 75 percent stake in the airline and the bids were open from April 8 through 12 after a two-day extension. "Increases in industry profitability after 2011 were aided by lower fuel prices".

The airline said its last flight would operate on Wednesday as it was not able to pay for fuel and other vital services.

The airline said it would continue to work with its banks, who are trying to identify an investor to buy a majority stake and try to turn Jet around.

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However, there is still hope that Jet may take to the skies again in some form.

The 1992-founded carrier, which until recently, was India's second largest airline, is in deep financial problems and now failed to secure an emergency funding with its biggest lender, the State Bank of India (SBI).

Airways. We have also informed the DGCA, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action. While the news are yet to be made official, Indian media already reports four companies have been shortlisted: Indigo Partners, National Infrastructure and Investment Fund (NIIF), TPG Capital, Indigo Partners, and Etihad Airways, which now holds 12% stake in the airline. Jet still has a market capitalization of almost $400 million, as investors have clung onto hopes of a rescue deal being clinched.

The letter by Jet CEO Vinay Dube paid tribute to the staff and said the airline is unique because of its employees and that they "must be given another chance" to fly.

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Jet's failure would also be a blow to Indian Prime Minister Narendra Modi, who is now seeking re-election in a weeks' long general election.

Fugitive liquor baron Vijay Mallya lashed out at the PM Narendra Modi-led BJP government on Wednesday for "discriminatory attitude" between state-owned and private airlines.

Jet Airways is unique and it is unique because of its employees. The development came amid its pilots' union appealing the lenders and the prime minister to the save the debt-ridden airline. "At least now we know the talk about caring for employment and creating jobs was all eyewash".

In the meanwhile, JetPrivilege, the company that handles Jet's loyalty programme JPMiles, said its teams are in constant touch with the customers hit by flight cancellations and offering them best available optional flights and routes to enable them continue on their booked holidays. Overall, Jet's lessors have, so far, sought to deregister and repossess at least 48 planes operated by Jet.

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