Jet Airways crisis: Prepared to make any sacrifice, Naresh Goyal tells staff

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Updated: March 2, 2019 7:23:08 AM

In a signing off that said a lot which Goyal did not spell out, as he did not say that fresh detailed update (on he airline’s future) will be coming from him but through Jet’s management team.

The letter, where Goyal still signed as Chairman, Jet Airways also pointed the way forward for the airline as it is undergoing a financial restructuring currently led by state owned bank SBI under a Bank Led Provisional Resolution Plan.

A day after reports of his stepping down as Chairman of Jet Airways emerged, Naresh Goyal, Promoter, Jet Airways in an emotional letter which is more of a parting note to his employees and colleagues urged them to ‘hang in a little while longer’ in the time of need and appealed for their continued support and understanding for a little while longer.

The letter, kind of a promise to his employees and also assurance that Jet will be out of the woods soon and his commitment to the airline remains the same as it has been in the last 25 years where he has given his “life for this company and its employees”. “Bear with me through this difficult situation a little longer, till we emerge out of turbulence and fiscal challenges, into clear blue skies,” Goyal said.

As Jet prepares to reconstitute its board post the new shareholding after conversion of debt into equity wherein lenders will get almost 40% in the airline with possibly Goyal relinquishing control over the airline he nurtured as its patriarch as investors put his exit as a condition to equity infusion, Goyal wrote, “I commit personally from my heart, that I am prepared to make any sacrifice to ensure your future comfort and prosperity, viability of the airline and in fact welfare of all the employees of the company.”

The man who made Jet Airways an international airline from a tiny travel trade company operating out of Delhi thanked his employees for being a benchmark of “excellence that other carriers look upon with respect.” “Even through our recent tough months, you have been working beyond the call of duty,” Goyal wrote commending the families for patience, perseverance and sacrifices.

The letter, where Goyal still signed as Chairman, Jet Airways also pointed the way forward for the airline as it is undergoing a financial restructuring currently led by state owned bank SBI under a Bank Led Provisional Resolution Plan. “It is critical to the long-term viability and sustainability of the airline and would provide in due course , a funding package,” Goyal wrote.

In a signing off that said a lot which Goyal did not spell out, as he did not say that fresh detailed update (on he airline’s future) will be coming from him but through Jet’s management team.

“I solemnly assure you to keep you updated when our CEO, Vinay Dube and his team will ensure a fresh detailed update to be provided to you by the 18th of this month, by which time I am confident of the situation gently easing up in our favour,” Goyal wrote as he signed off with faithful assurance and warm personal regards.

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