Crisis-hit Indian private carrier Jet Airways is to hold discussions over cost reduction initiatives and turnaround plans when its board of directors meet on Monday (27), according to a statement from the airline on Wednesday (22).
The airline had told its employees this month it was running out of cash, according to media reports.
However, the company had rejected the news and said that it was confident of reducing cost and to keep its planes flying. Depreciation of Indian rupee, rising fuel prices, and fare wars with other airlines pushed the airline into the current cash crunch in the growing aviation market.
Jet Airways was reluctant to release its financial results for the quarter ended in June following ‘pending closure of certain matters’. However, the financial figures will be discussed in the meeting scheduled for next Monday (27), the company said.
Jet Airways has also noted that it has not received any communication from India’s Ministry for Commerce and Industry after some media reports said the airline was being investigated for allegations that it siphoned off funds.
Meanwhile, Jet Airways and Bangkok Airways, Asia's Boutique Airline, announced the expansion of their existing codeshare agreement to provide more choice and convenient travel options. Guests travelling between key destinations across Thailand, Vietnam, and India, will benefit from this alignment between the two airlines, the company said in a release on Tuesday (21).
Moreover, this expanded partnership will offer the air travellers enhanced connectivity and seamless access when travelling throughout the combined networks of both the airlines.
Under the expanded codeshare agreement, Jet Airways will place its marketing code on Bangkok Airways' flights beyond Bangkok to Chiang Mai, Chiang Rai, Koh Samui, Krabi, Phuket, Sukhothai and Trat in Thailand and Da Nang, Phu Quoc in Vietnam. The codeshare flights have been opened for sale for travel starting from August 23, 2018.
Dignitaries and officials gather on stage
Attendees fill the hall for the celebration