Jet Airways CEO Vinay Dube Declines Stake Sale

| August 4 , 2018 , 14:08 IST

Jet Airways had rebuffed media reports speculating that the aviation company was looking forward to stake sale.

In a statement released by the Jet Airways CEO, Vinay Dube said all these reports were incorrect.

“Jet Airways India Limited would like to clarify that recent media reports about the sustainability of the airline are no factually incorrect, but also malicious. The airline would also like to deny any conjecture of a stake sale,” the statement said.

Dube said, “Indian aviation is experiencing a strong growth and Jet Airways is well placed to be a part of this growth story.”

“The airline is committed to creating a growth-oriented and sustainable future,” he added.

According to a released statement, the company was going to add 225 B737-MAX fuel-efficient aircraft to its fleet over the next decade with 11 added in this fiscal year.

Also Read: Can't Fly Beyond 60 Days, Says Jet Airways, Implementing Strict Cost Cutting Measures

Th airline also clarified the cost-cutting measures and said the company was focusing on creating a more resilient business with the implementation of several measures to reduce cost in order to increase the revenues of the company.

Reports suggested that the airline has cut the salaries of its employees by up to 25 percent.

In order to cut down the operational cost, the airline is focusing on sales and distribution, payroll, maintenance and fleet simplification.

“Despite the high growth environment, the aviation industry is currently passing through a tough phase given a depreciating rupee and the mismatch between high fuel prices and low fares,” the statement reads.

“Jet Airways has been in existence for over 25 years and through the years has been successful in combating such business volatility,” it added.