Jet staff write to SBI to participate in bid

NEW DELHI: A group of Jet Airways’ senior staffers, including the unions of the airline’s aircraft engineers and of Indian pilots, has requested State financial institution of India-led lenders to permit a consortium of workers to bid for the carrier. While accepting that workers won't have the cash required to revive the grounded airline, a memorandum submitted to SBI chairman says: “The contribution from workers would be realised from their long run profits and larger productivity... contribution of worker team over a hypothetical five-year worker stock ownership program (ESOP) is perhaps round of Rs 4,000 crore. In addition, we are also assured of securing an investment dedication of up to Rs 3,000 crore from outside buyers.”

The joint memo to SBI has been submitted via JetLite’s senior VP (operations) and responsible 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 Ok 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 operating capital to resuscitate the corporate… (Jet) aircraft are being de-registered and given to other operators with slots and routes, a state of affairs which if now not reversed briefly would spell doom for long run potentialities of reviving the corporate,” the memo says.

They have requested SBI to allow them to bid for Jet and assist this “distinctive effort of recreating and re-establishing version 2.zero of Jet Airways”.