Accordingly after sensing that the options to revive the grounded Jet Airways are fast running out, a group of airline employees has written to SBI seeking permission to allow a consortium of employees and external investors to bid for the company's management control. Meanwhile the employee representatives have said they will secure an investment of up to Rs 3,000 crore from "outside investors".
Furthermore the associations that have sent the proposal are the Society for Welfare of Indian Pilots (SWIP) and the Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA). Apparently the associations have promised that employees would contribute towards revival of the airline from their future earnings and increased productivity.
A joint letter to the SBI Chairman stated "As per our initial estimate, the contribution of employee group over a hypothetical 5 year Employee Stock Ownership Program (ESOP) is likely to be upward of Rs 4,000 crore”. Moreover they said that the decision had been taken through extensive discussion with various employee groups across the company and also with colleagues who have in the past successfully held senior management positions.
