NEW DELHI: India’s Jet Airways has been forced to ground more than three quarters of its fleet after failing to pay lessors, as the debt-laden carrier struggles to secure bailout funds promised by state-run banks. Jet struck a deal earlier this year to escape bankruptcy under which State Bank of India (SBI) and other lenders were to pump in $218 million and temporarily own a majority stake in the airline. But it has not got any of the funds so far and has not paid its employees for March, said a person with direct knowledge of the matter. Once India’s leading full-service airline, Jet was founded 25 years ago by Naresh Goyal at a time when state-run carrier Air India was the only real formidable opponent. In recent years, however, Jet has struggled to compete with low-cost carriers such as IndiGo and SpiceJet that now dominate Indian skies.
