Jet Airways Prepares for Resurgence in 2024, Aided by Jalan-Kalrock Consortium’s Equity Infusion

Jet Airways, the illustrious Indian airline that encountered turbulence and ceased operations in 2019 due to financial constraints, is poised for a remarkable comeback in 2024. This revival has been made possible by a substantial equity injection from the Jalan-Kalrock consortium, the triumphant suitor in the endeavor to rejuvenate the airline.

The consortium, comprising UAE-based entrepreneur Murari Lal Jalan and the UK’s Kalrock Capital Partners, has injected Rs 100 crore ($13.6 million) into the airline. This substantial infusion empowers Jet Airways to navigate the regulatory intricacies and assume full control of its operations.

The Jalan-Kalrock consortium secured the unanimous nod from the Committee of Creditors (CoC) for its comprehensive resolution strategy in October 2020. Subsequently, it received the imprimatur of the National Company Law Tribunal (NCLT) in June 2021. Nonetheless, the revival blueprint confronted a series of legal impediments, including contentions from the Ministry of Civil Aviation (MoCA) and the Directorate General of Civil Aviation (DGCA) concerning the allocation of slots and aviation privileges to the airline.

The consortium has diligently resolved most of the contentious matters with the relevant authorities. It anticipates receiving the ultimate clearance from the NCLT by the culmination of this year. The consortium’s blueprint for Jet Airways envisions its relaunch as a comprehensive full-service carrier, boasting a fleet of approximately 50 aircraft, comprising Boeing 737s and Boeing 787s. Initially, the airline’s operations will center on domestic routes and short-haul international destinations. Subsequently, Jet Airways will embark on a phased expansion, extending its reach to long-haul destinations across Europe, Asia, and North America.

Murari Lal Jalan, the principal figure in the consortium, exudes optimism concerning the Indian aviation sector’s prospects and Jet Airways’ future. His commitment to breathing new life into the airline, rekindling its brand prestige, and restoring its reputation remains resolute. He also extends his heartfelt gratitude to the airline’s dedicated employees, supportive creditors, valuable partners, and loyal passengers for their unwavering support and patience throughout this transformative journey.

Sources: AirGuide Business airguide.info, msn.com, newindianexpress.com, cnbctv18.com