UAE tycoon Murari Lal Jalan wins bid to revive India’s Jet Airways

UAE tycoon Murari Lal Jalan wins bid to revive India’s Jet Airways

Creditors on Saturday backed a surprise plan by a consortium including Dubai-based tycoon Murari Lal Jalan to revive Jet Airways 18 months after India's biggest private airline went bankrupt with $1.2 billion in debt.

As predicted by Arabian Business, London investment fund Kalrock Capital and Jalan proposed the rescue that was "duly approved" by a creditors' committee, Jet said in a statement to the Bombay Stock Exchange.

Man behind M J Developers is part of a consortium understood to be favoured to take over troubled Indian airline

The statement did not give details of the plan but media reports said they had offered to make a payment of about $115 million to creditors and equity in the new firm which they wanted to concentrate on international routes.

Creditors, mainly Indian public sector banks, took