New Delhi: After a section of employees floated the proposal to take over management control of the grounded Jet Airways and arrange up to ₹3,000 crore from external investors, a group of frequent flyers of the cash-strapped airline has approached the key lenders, including State Bank of India, ICICI Bank and Punjab National Bank, to submit the ‘Revival of Jet Airways Plan’ or ‘Roja’.
Claiming to be reputed professionals and minority shareholders in Jet Airways as well as nine banks that have lent money to Jet, the group has proposed a leveraged buy-out plan (LBO) to revive the grounded airline.
The group of professionals, led by Sankaran P. Raghunathan, has given a presentation on the airline’s revival plan to various stakeholders, including pilots, engineers, employee unions and bankers.
