According the Munich airport website (screen shot at the end of this article), Jet Airways will be commencing daily flights between Bangalore and Munich from March 14, 2013.
The schedule announced is
9W154 departs Bangalore 04:05 arrives Munich 08:35
9W153 departs Munich 12:00 arrives Bangalore 02:40 the next morning
At Munich airport this flight will operate from Terminal 2 which is 40% owned by German carrier Deutsche Lufthansa, and used exclusively by Lufthansa, Lufthansa partner airlines, and Star Alliance members.
Jet would be relying on traffic from many German companies which based in southern Germany and have a strong presence in Bangalore. Notably Siemens and Robert Bosch which are head-quartered in Munich and Gerlingen, near Stuttgart, about 250km west of Munich.
If Jet's reported partnership with Lufthansa fructifies, Jet will be able to offer connections to many destinations in Europe, but not the United States, as the Lufthansa Munich US flights operate much later in the day leaving a long connection time, and would also arrive to late to connect to the return Jet flight to Bangalore.
This would help Lufthansa increase capacity from Bangalore but yet protect the strong, IT driven, North American traffic for itself via Frankfurt.