Chronology of rise and fall of Jet Airways

Jet Airways is the second airline services in the last decade to shut down services since the winding up of the Kingfisher in 2012.

New Delhi: After more than 25 years of operations, Jet Airways suspended its flight services from the last mid-night. It is the second airline services in the last decade to shut down services since the winding up of the Kingfisher in 2012.

• 1991: Jet Airways was set up by Punjab-born Naresh Goyal
• 1993: Jet Airways began its commercial operations as an air taxi service from Mumbai
• 1994: 20% stake was sold to Gulf Air and Kuwait Airways each; however, they exited subsequently
• 2004: Jet Airways began international services with a flight from Chennai to Colombo
• 2005: Went for Initial Public Offering (IPO); once, a ticketing agent for Lebanese International Airlines, Goyal became a billionaire
• 2007: Jet bought Subrata Roy's Air Sahara for Rs 1450 crore and renamed it as Jetlite
• 2013: Sold 24% stake to Etihad Airways for USD 379 million after prolonged negotiations
• 2018 March: Defers employee salaries signalling the first sign of crisis
• JAN-MAR 2019: Jet Airlines grounds more than 100 aircraft due to short of funds

1. 25 March 2019: Goyal and his wife steps from the Board of Directors
2. 08 April 2019: SBI-led lenders for Jet Airways invited binding bids for stake in the troubled airlines
3. 17 April 2019: Jet Airways suspends all the operations