Former executives of Jet Airways (JAI, Mumbai Int'l) are planning to launch a new Indian low-cost carrier before the end of Fiscal Year 2022, according to The Hindu Business Line.

The startup will be the brainchild of the former chief executive officer Vinay Dube and senior executive Praveen Iyer of Jet Airways before it collapsed in April 2019, the report said. It quoted multiple unnamed sources close to the pair, who claimed that “conversations were premature but, firm”. “The duo has started working on a roadmap for the airline. They plan to launch the airline before the end of next fiscal (year),” the sources said.

When contacted by ch-aviation, Iyer did not deny the report but declined to elaborate at this stage. He promised to reach out “at the right time”.

“The two will use at least six months in finalising the plan while applying for the necessary licenses,” the sources said. It was unclear if they would opt for domestic or regional routes, nor which aircraft were being favoured.

After Jet Airways, Iyer became the chief executive officer at GoAir (G8, Mumbai Int'l) and Dube the airline’s chief commercial officer, but both quit in less than a year.

While much of the global industry remains on its knees due to COVID-19, lower aircraft leases because of a glut of available aircraft, and reduced competition as airlines have folded, have resulted in attractive conditions for airline start-ups.

The new owners of Jet Airways are reportedly looking at restarting the airline in the Summer 2021 season, subject to the still pending approval of the National Company Law Tribunal. Under a creditor-approved plan, the carrier will be 51%-owned by Murari Lal Jalan, a non-resident Indian businessman based in the United Arab Emirates while 14% will be owned by Kalrock Capital, a London-based fund.