Mumbai, May 17AdiGro Group , one of the unsolicited bidders vying for a stake in Jet Airways, has offered to restart the airline’s operations by July 1, with eight to nine thousand employees and 70 aircraft.
Sanjay Viswanathan, Founder and Chairman of AdiGroup, the parent company of AdiGro Aviation, said that he was keen to partner with Etihad to turn around Jet Airways.
Balance-sheet management and not running the airline like a lifestyle company are the two important components of AdiGro’s six-point plan for reviving Jet.
As part of the plan, it wants the employees to take a pay cut; in return, they will be offered ESOPs. “The top leadership will need to take at least about 25 per cent pay cut and others would have to give up 10 per cent.”
