Updated: April 16, 2019 10:20:24 pm
Budget carrier IndiGo Monday announced the expansion of its flight operations on the Mumbai-New Delhi route which has seen a sharp decline in capacity after a large part of Jet Airways fleet was grounded, PTI reported.
The airline will operate 10 additional flights from Mumbai and eight more flights from New Delhi from May 5, the airline said in a statement.
Cash-strapped Jet Airways is awaiting fresh fund infusion under a debt resolution plan. In a board meeting on Tuesday, the Jet Airways management proposed to suspend all operations of the debt-laden airline, an ET Now report said citing sources.
It also sought emergency funds from banks, Civil Aviation Secretary Pradeep Singh Kharola told PTI. “The flyer is currently operating just five aircraft,” Kharola informed.
The meeting of the airline’s management came after a promise of an infusion of Rs 1,500 crore by the lenders who own a controlling stake in the airline. While Rs 1,500 crore is a small dose of funds for the airline, which has debt and payables exceeding Rs 10,000 crore, the money was deemed necessary for Jet’s daily operations, which have already been curtailed due to non-payment of rentals to aircraft lessors. What was once a 123-aircraft fleet has now been reduced to a meager seven-plane operation.
Meanwhile, Jet Airways founder Naresh Goyal has decided not to bid for acquiring a stake in the crisis-hit airline, sources told PTI.
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