Home  »  Company  »  Jet Airways (India) Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Jet Airways (India) Ltd. Company History and Annual Growth Details

Jet Airways was incorporated on April 1, 1992 as a private company with limited liability under the Companies Act. We commenced operations as an Air Taxi Operator on May 5, 1993 with a fleet of four leased Boeing 737 aircraft. We were granted scheduled airline status on January 14, 1995. Jet Airways became a deemed public company on July 1, 1996. On January 19, 2001, Jet Airways was reconverted into a private company. Jet Airways became a public company on December 28, 2004.

At the time of incorporation of the Company, our shareholders were Mr. P.V.V. Chalam and Mrs. Anita Goyal. These shares were transferred to Tail Winds on May 12, 1994, and Mr. Naresh Goyal holds them on behalf of Tail Winds in terms of an RBI approval letter No. EC.BY.CO (S) 250/2251/TS/93/94 dated December 30, 1993.

Pursuant to an application dated March 12, 1993 made by our Company, the FIPB by its letter No. 267/FC/93/NRI dated June 28, 1993 granted its approval to the foreign collabouration proposal for investment in Tail Winds in the proportion of 60% by Mr. Naresh Goyal, 20% by Gulf Air and 20% by Kuwait Airways. Tail Winds in turn held 100% of the Equity Share capital of our Company.

The MoCA by its letter dated April 17, 1997 directed the Company to take steps for disinvestment of Equity Shares held, directly or indirectly, by foreign airlines pursuant to the Government of India's policy on foreign equity and NRI/OCB equity participation in the domestic air transport services sector. Consequently, with effect from October 15, 1997, Mr. Naresh Goyal acquired the 20% Equity Shares from each of Gulf Air and Kuwait Airways, respectively, and became the 100% owner of Tail Winds which is an NRI/OCB and currently owns over 99.99% of our Equity Share capital.

We currently provide regular scheduled services to 42 destinations in India and two destinations outside India, operating 1,924 flights weekly. Our aircraft fleet has grown from four aircraft in 1993 to currently 42 aircraft comprising 34 Boeing 737 aircraft and eight ATR 72-500 aircraft.


-South African Airways ties up with Jet Airways

-Jet Airways inks pact with Hertz India to offer new services

-Jet Air announces launch of 'check fares' scheme


-Jet Airways Limited has filed its draft Red Herring Prospectus with the Securities and Exchange Board of India (Sebi) to enter the capital market with its initial public offering. The company will offer 17,266,801 (1.72 crore shares) equity shares of Rs 10 each for cash at a price to be decided through the book-building process. It is learnt that the value of each share will be Rs 870. The IPO proceeds will essentially be used to fund its international expansion plans.

- The price band of Jet Airways' IPO has been fixed between Rs 950 and Rs 1,125. The issue opens for bids on February 18 and closes on February 24. The total offer is for 1,72,66,801 equity shares of Rs 10 each for cash at a premium to be decided through a book-building process

- Jet Airways IPO was subscribed 4.25 times on the first day of the offer. At 7:50 pm, a total of 7.32 crore bids were received on the first day. FIIs accounted for 69.93 per cent of the total issue and mutual funds accounted for 28.69 per cent of the total. Insurance companies accounted for 0.61 per cent of the total bids and FIs for 0.36 per cent.

-Jet Airways signs lease agreement with South African Airways

- Jet Airways launches its first inter-continental flight by linking Mumbai with London Heathrow by a non-stop day flight here on May 23, 2005.

-Jet Airways executes purchase agreement with The Boeing Company, USA

-Jet Airways introduce an Inflight Safety Manual in Braille

-Jet Airways signs pact with Gulf Air

-Jet Airways wins Avaya GlobalConnect Customer Responsiveness Award


-Jet Airways has signed a special code sharing (SPA) agreement with American Airlines, the world's largest carrier, for India-US flights.

-Jet Airways signs contract with CAE for Boeing 777 & Airbus A330 simulators

-Jet Airways wins three Avion global Awards for In-flight Entertainment

-Jet Airways to buy Sahara for $500 mn in cash


- Jet Airways India Ltd has signed the Memorandum of Understanding (MoU) with Lufthansa Technik AG, Germany for A330/B777 Component Works, Personnel Assignment Services and Maintenance Management Services.

- Jet Airways inks $238mn aircraft lease agreement.

-Jet Airways India Ltd announces the introduction of its first flight from Chennai to Toronto, via its hub in Brussels.

-Jet Airways signs MoU with Lufthansa Technik AG, Germany

-Jet Airways wins 'Most Innovative Product Launch' Award for its 'First Class' Suites onboard its Boeing 777-300ER


- Jet Airways has launched daily direct flights between Mumbai and Bangkok with effect from May 14.This will be its third service to Bangkok from the country, a press release stated. The air-carrier already operates daily services to Bangkok from Delhi and Kolkata respectively.

-Jet Airways India Ltd has appointed Ms. Monica Chopra as the Company Secretary with effect from October 01, 2008.

- Jet Airways India Ltd has won the 2008 Galileo Express Travelworld Best Domestic Full Service Airline Award for the sixth year in a row

-Jet Airways wins the 'Best Cargo Airline of Central Asia' Award

-Jet Airways Wins the 2008 Galileo Express Traveworld 'Best Domestic Full Service Airline' Award for the sixth year in a row


-Jet Airways introduces 'Jet Airways Konnect' a new All Economy No-Frills services


- IBM has inked a 10-year business transformation and information technology (IT) services deal worth $62 million with Jet Airways.
Subscribe now to get personal finance updates in your inbox!