Jet Airways (India) Private Limited was founded in May 5, 1993 as commercial airline operator. Earlier it was an air taxi operator but now it is India’s second largest airline, leading private airline and the market leader in Indian domestic sector. It has about 45% of the market share. When Jet Airways was started it operates 24 flights per day across 12 destinations, but now it operates more 400 daily flights which cover 44 destinations in India and 21 international destinations throughout the world. Jet Airways connect a place every 5 minutes. They carry around seven million passengers in a whole year.
Jet Airways has been the one of biggest competitor of the government owned Indian Airlines. Jet Airways broke the monopoly of Indian Airline in January 1994 when it declared as a full scheduled airline as before that the domestic airline market was monopolised by Indian Airlines, from 1953 to 1994 due to The Air Corporation Act (1953) that don’t allow any privatising of air transport and all major Indian air transport were nationalised. Jet Airways started its first International flight in March 2004 to Colombo, Sri-Lanka. The company was a 100-per cent subsidiary of Tail Winds Limited till it listed its equity shares on the National Stock Exchange of India Limited and the Stock Exchange, Mumbai, in March 2005.
Jet Airways took over Air Sahara in April 2007, which was later on renamed as JetLite. Currently, JetLite is a subsidiary of Jet Airways. After the two years of buying Air Sahara, Jet Airways launched its new low-cost airline service “Jet Airways Konnect” for the Indian domestic market. It was started in May 2009. It makes use of spare aircraft from Jet Airways’ routes, which were continued by the parent company, due to the low passenger load factors.
The company has so many multiple reservation and ticketing networks comprising global distribution suppliers, travel agents and sales agents in India and in 74 other countries of the world. It has a wide cross section of partnerships and alliances, some of are with big international airlines such as British Airways, KLM Royal Dutch Airlines, Northwest Airlines, Austrian, Lufthansa and Swiss International; as well as with Indian and international hotel groups such as The Hyatt, Swissotel, The Oberoi, ITC-Welcomgroup and Hilton, they also have their tie-up with Citibank; and with car rental companies such as AVIS and Hertz and telecommunication and other service providers. Jet Airways became the first airline in India who receive the ‘‘World Travel Market Global Award” at the global travel event that held in London. It also won the ‘‘H&FS Domestic Airline of the Year Award” four times since its inception. It has also received the Boeing Company’s ‘Pride in Excellence’ award for maintaining its ‘Best Technical Despatch Reliability’ for two continues year in 2003 and 2004.
In India, Jet Airways is the leading airline in terms of revenue passengers; it captures the 36 per cent share in the Indian domestic as well as the Indian international market. The company grew its capacity at a CAGR of 50 per cent during Fiscal Year (FY) 2001-06.
The company generated revenues of EUR 1.06 billion in FY 2006, the contribution of international operations to the company’s total revenues has registered a continuous growth since then, with international operations accounting for nearly 12 per cent of its total revenues. (The Air Corporation Act (1953), Web page -fundinguniverse.com/company-histories/Jet-Airways-India-Private-Limited-Company-History.html, jetairways.com/EN/GB/AboutUs/OurNetwork.aspx, wapedia.mobi/en/Jet_Airways)