New Delhi (Press Release)The Boards of Directors of Jet Airways (India) Limited and Jet Lite (India) Limited, the wholly owned subsidiary of Jet Airways, approved the merger of Jet Lite with Jet Airways. This is subject to compliance with all applicable laws and regulations and the receipt of all corporate, regulatory, governmental, judicial approvals and third party consents.
The merger will further strengthen Jet Airways’ efforts in providing a consistent, single brand product and service offering across the network, leading to a stronger market presence.
Consequent to the merger, Jet Lite will become part of Jet Airways and operate as a separate division of Jet Airways. This will result in more focused operational efforts, realizing synergies in terms of compliance, governance, administration and costs.
Naresh Goyal, Chairman, Jet Airways said: “Jet Airways has made demonstrable progress in the implementation of its three-year turnaround strategy with the objective of returning to profitability. The merger of Jet Lite into Jet Airways is a key step to strengthen Jet Airways’ operations and create a seamless organization, delivering exceptional service to its guests.”
The Boards of Directors’ approval today follows the earlier decision taken by Jet Airways to streamline and align its domestic operations, creating a strong, uniform Jet Airways master brand and implementing a consistent, full service, single brand strategy across the entire domestic airline operation. This move has been very well received by guests and stakeholders.
Recently, Jet Airways Group posted a significantly improved performance for the first quarter of FY16, achieving progress on all key fronts of the business with substantial growth in all major key performance indicators in a turbulent and competitive business environment. The three-year turnaround strategy and synergies from the strategic alliance with Etihad Airways have gained further momentum with a demonstrable positive impact on the business.