Abu Dhabi: NRI entrepreneur Yusuff Ali to rescue 'turbulent' Jet Airways?


Daijiworld Media Network - Abu Dhabi (SP)

Abu Dhabi, Dec 8: Reports say that Jet Airways, which ranks second in terms of market share of airlines operating in India, has been striving to remain in business. Chairman of Jet Airways, Naresh Goyal, is said to be on the lookout for someone who could rescue the airline from its current state.

There is information that an Indian businessman from Kerala who is presently based in Abu Dhabi, is considering the prospects of stepping in to help the ailing airline. Economic Times reports that M A Yusuff Ali, a NRI billionaire who happens to be the chairman and managing director of Lulu Group International, is considering the option of investing in this airline. He owns the Lulu Hypermarkets that are spread all over the world.


M A Yusuff Ali

Jet Airways chairman is also said to be in contact with Etihad Airways which is also based in Abu Dhabi, to explore chances of hiking its stake in Jet Airways. Currently Etihad has 24 percent stake in Jet Airways. Jet Airways needs to meet the condition stipulated as per law as per which the carrier's substantial ownership and effective control should remain with Indian entities.

It is said that Goyal might try to make Etihad and Yusuff Ali to take over Jet Airways, Economic time said based on information received from sources. When contacted by the media, Yusuff Ali reportedly said that he was not keen on diverting from his main business of retailing and hospitality sectors. It is said that during the conversation Goyal had with Yusuff Ali a few days back, the latter had expressed doubts about investing heavily in the airlines business which has been incurring losses.

Yusuff Ali’s name had got prominently mentioned in the recent past during floods which devastated Kerala. It is said that UAE had offered an aid of Rs 700 crore to Kerala which was confirmed by chief minister of Kerala, Pinarayi Vijayan. However, this did not come through as the Indian government has taken a policy decision not to accept foreign aid for such things. Later, UAE had clarified that it had never made such an offer in the first place.

Lulu Group's hospitality investment division, Twenty14 Holdings, has made some heavy investments running into hundreds of million dollars in hospitality industry in the recent past. Lulu Group had also announced plans to develop 50 lac sq ft for stationing IT park in Kochi for promoting this sector in that state. The group, which owns over 150 hypermarkets in 22 countries, also is building a number malls now in UP, Andhra Pradesh, Tamil Nadu, Karnataka and Telangana.

  

Top Stories

Comment on this article

  • Rita, Germany

    Sun, Dec 09 2018

    It will be a big help for us travellers from Germany if Jetairways takeup the flight to mangalore again,instead of first travelling to Bangalore and then to mangalore .Otherwise we have to travel to Mumbay,stop ,break almost 6-8hours to start again next day morning.Baggage checkup again in mumbai,a horror.same when travels back.Have to pay for extra luggage .whereas via Abudhabi,it is not needed.Luggage goes automatically.Hope some good soul will make up the mind to takeover Jet.

    DisAgree Agree [4] Reply Report Abuse

  • SMR, Karkala

    Sat, Dec 08 2018

    The fall of commercial airlines in India once again exposes the Government of India wrong policies in the aviation sector.

    I would like to point that 'Singapore Airlines' which has built by AirIndia in the initial days one good example that aviation is a most neglected sector in India despite huge potential in growth.

    Since 2014 Prime Minister Modi government came to power, aviation fuel despite the lower crude oil is steadily increased cutting down the profitability of the operators. In addition to that weird taxation system imposed on the air passengers.
    Perhaps India is the only nation in the world airline passengers are paying taxes and fees on airline tickets greater than the base fare. Here is a breakdown of hidden taxation and fees namely;
    1. Base Fare
    2. Service Tax
    3. Fuel Surcharge
    4. User Development Fees- Departure
    5.User Development Fees- Departure
    5. Passenger Service Fees
    6. Other taxes

    The passengers fail to notice when a discount is announced, it is usually on the base fare.

    The Prime Minister Modi government has changed the Union Minister for Civil Aviation at least three times but still, the industry is struggling. Neither Vijay Mallay of the disgruntled 'Kingfisher' is going to come back nor Jet Airways prospect is going to improve.
    Most of India’s regional airlines, launched with much fanfare under the regional air connectivity scheme (RCS) introduced by Narendra Modi's government, are suffering from a low passenger load factor (PLF). Hyderabad-based Trujet is the only airline to register decent passenger load factor numbers. More than a year and a half after its take off, the regional carriers have PLFs ranging between 19 percent to 52 percent in the April-September 2018 period, according to data available with India’s Directorate General of Civil Aviation, under the civil aviation ministry.

    It is government aviation policies has to blame. When a nation like Indonesia can grow in a domestic market why India is failing?
    Jai Hind

    DisAgree [1] Agree [18] Reply Report Abuse

  • Arun Kumar, Mangalore

    Sat, Dec 08 2018

    Jaisi karni, waisi bharni. This same Naresh Goyal had scuttled chances for operational expansions of Deccan Aviation, Air Asia, Vistara, Mallya's now defunct Kingfisher Airlines, etc. Now the idiot has started going aroung with a begging bowl. These Marwadis and Gujaratis have a knack of falling into their own traps.

    DisAgree [6] Agree [28] Reply Report Abuse

  • abdulla, india

    Sat, Dec 08 2018

    WOW!
    LULU AIR.. is a great news.
    They know how to handle business.
    Like AIR ARBIA... Run it efficiently..
    Lean and mean..No frill..
    it will be a great success...
    Buy new aircrafts and turnaround every 5 years...
    since there will not be Maintenance.. like Emirate air.
    Open various Touristic destinations....
    GoodLuck.

    DisAgree [4] Agree [28] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Sat, Dec 08 2018

    Etihad itself seems to in a big financial soup to bail out Jet!!!

    BTW, just think what happened to Mallyas empire after he diversified into the airline sector!!!

    DisAgree [1] Agree [24] Reply Report Abuse

  • Dylan, Mangalore

    Sat, Dec 08 2018

    Lulu supermarkets and hypermarkets in the Gulf do they pay the staff adequately and on time. The staff in the supermarkets and hypermarkets do not look happy with their jobs in the Gulf.

    DisAgree [36] Agree [54] Reply Report Abuse

  • Nareh, Udupi

    Sat, Dec 08 2018

    They are not staff. They are slaves

    DisAgree [22] Agree [43] Reply Report Abuse

  • Nc, Mangalore

    Sat, Dec 08 2018

    Clear all payment Resign and come to our great india.india giving job.someone needed people going

    DisAgree [6] Agree [9] Reply Report Abuse

  • Lionel Dsouza, Mangalore

    Sat, Dec 08 2018

    CENTRAL GOVT SHOULD BRING NECCESSARY CHANGES IN AVIATION POLICY ON A URGENT BASIS TO SAVE ALL AIRLINE COMPANIES OPERATING IN INDIA....

    DisAgree Agree [28] Reply Report Abuse

  • Arun, Dharwad

    Sat, Dec 08 2018

    That being the case, somebody could use their good offices to exhort and convince Yusuf Ali to liaise with the Aviation Ministry and intervene in the already beleaguered and long delayed Mangalore Bajpe International Airport expansion to favour Keralites settled in Mangalore. The TATA and Jet Airlines merger could greatly enhance connectivity to both the national and international routes as per the current sky policing already established some time back.

    DisAgree [6] Agree [5] Reply Report Abuse

  • Paul, mangalore

    Sat, Dec 08 2018

    I feel Jet Airways should be hand overed .to Etihad& Yusuf Ali Or to Tatas .....
    Pas tform couples of tears the service of jet airways is declining .Staff are arrogant ,Cabin crew dont respect Specially Sectors to Mumbai & Mangalore even domestic is also the same .
    Supervisors in airport also dont respect passengers . I travel often so i see the differences when you travel in international flights .


    In another way compared to other Indian airways ( Indigo,Spice ,Go ) Jet is much better. I prefer travelling with jet ,,Because helpless
    But i miss kingfisher where they had brought a standard in Indian airline sector .Unfortunately it had to shut down.

    DisAgree [2] Agree [26] Reply Report Abuse

  • El En Tea, Mumbai

    Sat, Dec 08 2018

    Why no one came forward to rescue the King Fisher Airlines.
    Lulu Hypermarket Director Mr. Yusuf have past experience of Director of Air India. He may run this business of Airline.
    GOD bless you Sir abundantly and all the Best can rename it Lulu Jet

    DisAgree [5] Agree [21] Reply Report Abuse

  • Prakash D' Cunha, Bajpe/ Ashoknagar/Abudhabi

    Sat, Dec 08 2018

    Thank you Sir. May God Bless you.

    DisAgree [3] Agree [17] Reply Report Abuse

  • Ronald D, Udupi

    Sat, Dec 08 2018

    There must be something wrong with Airlines operations or management as Jet Airways runs full in most sectors and in domestic circuits!!

    DisAgree Agree [23] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Dec 08 2018

    Will our FEKU agree ...

    DisAgree [22] Agree [74] Reply Report Abuse

  • Ranjan, Abu Dhabi

    Sat, Dec 08 2018

    Don't mix business n politics pls

    DisAgree [50] Agree [19] Reply Report Abuse

  • Paul, mangalore

    Sat, Dec 08 2018

    Rajan
    In one way Jossy is right ,,Because when money comes Feku interferes Or pokes his nose so to see where is can squeeze .....where Yusif Sir is a Gem of a man His ambtion is to help people not to loot anyone ..
    Like our Ambanies who Feku dances to their music want to loot India.
    In other way "YES" Political should play its role here

    DisAgree [11] Agree [50] Reply Report Abuse

  • Praveen, Mangalore

    Sat, Dec 08 2018

    Grow up! Since 2014 politics is business

    DisAgree [2] Agree [2] Reply Report Abuse

  • Jayaram, Kinnigoli

    Sat, Dec 08 2018

    FEKU will agree If DAKU gets his commission

    DisAgree [9] Agree [52] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Sat, Dec 08 2018

    Original commission agent, Vadra is getting interrogated by ED

    DisAgree [15] Agree [6] Reply Report Abuse

  • Praveen, Mangalore

    Sat, Dec 08 2018

    Vadra ready to face the law... Unlike the super bakths Modis and choksis flee the country on humanitarian grounds.

    DisAgree [1] Agree [10] Report Abuse

  • PEDDA GUNDOO, MANGALURU

    Sat, Dec 08 2018

    AIRLINE Business always to be WHITE ELEPHANT though they charge everything on traveler and still not maintain the business ! amazing ! may be big sharks are swallows major shares of profit !

    DisAgree [1] Agree [46] Reply Report Abuse


Leave a Comment

Title: Abu Dhabi: NRI entrepreneur Yusuff Ali to rescue 'turbulent' Jet Airways?



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.


Security Validation

Enter the characters in the image