The debt-ridden Indian carrier Jet Airways has suspended flights to and from Singapore, after its founder stepped down as chairman of the board and lost majority stake to lenders in a move expected to open the company up to important investments.
Passengers will be refunded their ticket prices, Singapore’s Straits Times was told, while Changi Airport advised affected passengers to contact their booking agent or the airline to find out what options are available to them.
As it sinks deeper into debt, Jet Airways has been trimming operations down from its peak of nine services a day: three each from New Delhi and Mumbai, two from Bangalore and one from Pune. About a month ago, the number was down to two, according to The Straits Times.
Without an LCC flying India-Singapore routes, travel between the two countries could get more expensive. Compounding the reduced competition, some say there’s a limit to how many flights a Singaporean carrier can mount to India.
Indian media are reporting that Jet Airways has received an expression of interest from four companies to buy a stake in the airline. They are believed to be Etihad Airways, National Investment and Infrastructure Fund, TPG Capital and Indigo Partners.