New Delhi: A Twitter user gave an interesting advice to Mahindra group chairman Anand Mahindra. The user under the name of Lalit Mathpal suggested the tycoon buy the debt-ridden Jet Airways and name it Mahindra Airways.
"I think you should buy #JetAirways. And make it as #mahindraairways. I think it will work, Lalit Mathpal tweeted.
Known for his replies on social media, Anand Mahindra promptly replied, “If you want to be a millionaire, start with a Billion dollars and then start (buy) an airline!"
Till now, this tweet has been liked by 13,000 people, 675 people have replied to it and 1.9K people have re-tweeted it.
Known to be a prolific Tweeter, the Mahindra group honcho is also known for his witty replies on Twitter. He regularly tweets about matters ranging from Mahindra group vehicles to social and economic issues. He has 7.03 million followers on Twitter
The downfall of Jet Airways illustrates the challenge of making money in India's aviation sector, dominated by low-cost carriers such as IndiGo and SpiceJet. The Indian market is also highly price-sensitive, and airlines, despite high fuel cost, compete to keep fares low. When India’s Kingfisher Airlines went bankrupt in 2012, lessors were forced to write off millions of dollars in losses and thousands of people lost their jobs.
Cash-stripped Jet Airways had suspended its entire operations in mid-April after lenders refused to extend funding. Last month, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition against Jet Airways and directed the resolution professional for the airline to try to finish the process within three months.
On Friday, Jet Airways Employee Consortium and AdiGroup said they would jointly bid for acquiring up to 75% stake in Jet Airways through the NCLT process.
The airline owes ₹8,500 crore to banks and around ₹25,000 crore in arrears to vendors, lessors and employees.