Jet staff write to SBI to participate in bid

NEW DELHI: A group of Jet Airways’ senior staffers^[1], including the unions of the airline’s aircraft engineers^[2] and of Indian pilots, has requested State bank of India-led lenders to allow a consortium of employees^[3] to bid for the carrier. While accepting that employees may not have the cash required to revive the grounded airline, a memorandum submitted to SBI^[4] chairman says: “The contribution from employees would be realised from their future earnings and increased productivity... contribution of employee group over a hypothetical five-year employee stock ownership program (ESOP^[5]) is likely to be around of Rs 4,000 crore. In addition, we are also confident of securing an investment commitment^[6] of up to Rs 3,000 crore from outside investors.”
The joint memo to SBI has been submitted by JetLite’s senior VP (operations) and accountable manager, Captain P P Singh; Jet’s manager (HR) B B Singh; general-secretary of the Society for Welfare of Indian pilots Captain Ashwani Tyagi and A K Mohanty, president of Jet aircraft maintenance engineers welfare association.
“Subsequent to suspension of flight operations on April 17, there is a big question mark on availability of working capital to resuscitate the company… (Jet) aircraft are being de-registered and given to other operators with slots and routes, a situation which if not reversed quickly would spell doom for future prospects of reviving the company,” the memo says.
They have requested SBI to allow them to bid for Jet and help this “unique effort of recreating and re-establishing version 2.0 of Jet Airways”.

References

1. ^{^} senior staffers (timesofindia.indiatimes.com)
2. ^{^} engineers (timesofindia.indiatimes.com)
3. ^{^} consortium of employees (timesofindia.indiatimes.com)
4. ^{^} SBI (timesofindia.indiatimes.com)
5. ^{^} ESOP (timesofindia.indiatimes.com)
6. ^{^} investment commitment (timesofindia.indiatimes.com)

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