Bengaluru: The Jalan Kalrock Consortium (JKC) said on Friday that it has completed its commitment to infuse 3.50 billion rupees ($42.14 million) in the now-defunct Indian carrier Jet Airways as per a court-approved plan.
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 to revive what was once the nation’s largest private carrier.
“With this infusion… all commitments by JKC now stand fulfilled to take control of the iconic airline,” the consortium said in a statement.
The Naresh Goyal-founded airline started operations in the early 1990s but ran out of cash in April 2019 and filed for bankruptcy. Jet Airways was also taken to court by its creditors whom it owed about 180 billion rupees.
The airline was the second largest carrier in India by market share at its prime.
It was supposed to resume operations by the first quarter of 2022 under its new owners, which however did not happen, leading to speculation that the revival plan could be in limbo.
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.
(Reporting by Archishma Iyer in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen Soreng)
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