Jalan-Kalrock consortium completes capital infusion in India's Jet Airways (updated)

Jet Airways (India)

29/09/2023 07:04

(Updates with further details from paragraph 2)
       BENGALURU, Sept 29 (Reuters) - 
    The Jalan-Kalrock consortium said on Friday that it has fulfilled its
commitment to infuse 3.50 billion rupees ($42.1 million) to revive the
now-defunct Indian carrier Jet Airways. 
    Earlier this year, India's national company law tribunal allowed the
ownership of Jet Airways to be transferred to the consortium of the United
Kingdom-based Kalrock Capital and UAE-based businessman Murari Jalan, in an
effort to revive the debt-ridden airline. 
    "With this infusion, all commitments by JKC now stand fulfilled to take
control of the airline," the consortium said in a statement. 
        Once India's biggest private airline, Jet Airways ran out of cash in
April 2019 and filed for bankruptcy, and was taken to court by its creditors
whom it owed about 180 billion rupees ($2.17 billion).    
    It was supposed to resume operations by the first quarter of 2022 under its
new owners. 
        The consortium aims to re-establish the airline's operations from next
year and further announcements regarding the launch date of Jet Airways will be
made in the coming weeks, according to the statement. 



($1 = 83.0625 Indian rupees)

 (Reporting by Archishma Iyer in Bengaluru; Editing by Dhanya Ann Thoppil and
Eileen Soreng)
 ((Archishma.Iyer@thomsonreuters.com;))