After employees, now Jet Airways’ frequent flyers propose ‘Roja’ revival plan to SBI, PNB, ICICI Bank

A group of cash-strapped Jet Airways’ frequent flyers along with nine banks, which have lent capital to the airline, have proposed a leveraged buyout plan called ‘Revival of Jet Airways Plan’ or ‘Roja’ to State Bank of India (SBI), Punjab National Bank, and ICICI Bank among key lenders.

The group led by one Sankaran P. Raghunathan had claimed themselves to be reputed professionals as well as minority shareholders in the beleaguered airline have submitted the plan’s presentation to employee unions, bankers, pilots, engineers and other stakeholders, IANS reported.

Earlier a group of Jet Airways’ employees had proposed take over of management control and arrange up to Rs 3,000 crore from external investors.