The Jalan Kalrock Consortium deposited Rs 100 crore in grounded carrier Jet Airways, taking the total investment in the airline to Rs 350 crore. The new promoters are determined to re-establish the operations of the airline up and running in 2024, the consortium said in a statement.
The consortium was due to infuse a total of Rs 350 crore by September 30 to take control of the airline. Jet Airways has not flown since April 17, 2019.
“Kalrock Consortium (JKC) today completed an additional infusion of 100 crore, reaffirming its unwavering commitment to a successful resurgence of Jet Airways,” the consortium said in the statement.
“With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline,” it added. It also said that the consortium’s strategy to revive the airline remains unaltered.
The consortium had originally agreed to infuse the amount by August 31 but had sought an extension on the same.
The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented.
The consortium of UAE-based businessman Murari Lal Jalan and UK’s Kalrock Capital Partners expects to take control of the airline by end of the year and have asked banks to complete the regulatory process, ET had reported earlier in September.
Sources said the consortium has been meeting aircraft manufacturers, lessors, pilot training organisations and airports expecting to start business. Last month, Ankit Jalan, a board member of the consortium, met Francisco Gomes Neto, CEO of Brazilian aircraft manufacturer Embraer.
