Consortium to Relaunch Jet Airways in 4-6 Months

SourceAl Bawaba
SectorTransport
CountryUAE

The consortium, comprising Murari Lal Jalan, a low-profile UAE businessman, and Kalrock Capital, a London-based investment fund, submitted an Rs10 billion plan to re-launch the debt-ridden airline in November 2020. Abu Dhabi's Etihad Aviation Group holds 24 percent of Jet Airways which reportedly owes more than $3 billion to lenders, lessors, staff, and other suppliers. In October 2020, the committee of creditors approved the resolution plan. After receiving the NCLT approval, the resolution professional of Jet Airways would need to apply to the civil aviation ministry and the corporate affairs ministry for their approvals, respectively.

On the required funding to restart the airline, Jalan said it was not a concern during the first stage or for maybe a year or two. "Everything is planned properly and we are going with the plan." On the possibility of the consortium onboarding a strategic investor for further funding, he said, "I don't think I am ready for that. But nothing can...read more...