Last week, a group of lenders approved a bid by a consortium for revival of Jet Airways, which has been grounded since April 2018 for lack of funds. This could be the first step in a possible turnaround of India’s oldest private airline.
Who are the new potential owners of Jet Airways?
Jet Airways’ creditors have approved a resolution plan submitted by a consortium of UK-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.
Jalan was initially a paper trader who later diversified into various sectors such as real estate, mining, construction, FMCG, dairy, travel and tourism, and industrial works. He currently has investments in the UAE, India, Russia and Uzbekistan.
It is noteworthy that neither of the parties in the consortium have experience in managing a passenger airline.
So when is Jet Airways expected to start operations?
The next step is for the lenders to get an approval for the resolution plan from the National Company Law Tribunal (NCLT). Once the NCLT approval is in, the investors are ready to take the airline to the skies within six months, people in know of the matter have said.
However, things may not turn out to be quite as straightforward. The new investors are said to be looking at investing Rs 1,000 crore into Jet Airways