London-based AdiGro Group, the parent company of AdiGro Aviation has offered to restart the Jet Airways' operations by July 1. The company which is one of the unsolicited bidders for Jet Airways has proposed to resume its operations with eight to nine thousand employees and 70 aircraft. Sanjay Viswanathan, Founder and Chairman of AdiGroup expressed his keenness to partner with Etihad Airways and turn around the 25 year old airline which had shut its operations on April 17.
As a part of the six-point plan of the London-based company, Balance sheet management and not operating the airline like a lifestyle company are the two main elements for reviving Jet. Viswanathan said that the company wants its top leadership will need to take a 25% pay cut while the other employees will have to give up 10%, and in return they will be offered ESOPs.
"We have asked for a relevant and practical haircut, but more importantly, we are actually giving equity upside. Our binding bid has an equity component for the lender group, which means that not only will they recover their money, but also get a significant upside once our turnaround plan is executed". State Bank of india (SBI), which leads a consortium of domestic lenders to Jet Airways began approaching unsolicited bidders earlier this week including UK based entrepreneur Jason Unsworth, mumbai based Darwin Platform Group and AdiGro Aviation.
