Jet Airways with Boeing Co. and Airbus SE

Published on : Saturday, December 4, 2021

The new owners of once-bankrupt Jet Airways India Ltd. are with Boeing Co. and Airbus SE to purchase at least 100 narrowbody jets for the carrier’s fleet in a bid to revive what used to be the biggest private airline in the South Asian nation before it collapsed under a pile of debt. The winning bidders for Jet Airways in a state-run bankruptcy resolution process Dubai-based, Indian-origin businessman Murari Lal Jalan and Florian Fritsch.

The chairman of London-based financial advisory and alternative asset manager Kalrock Capital Management Ltd. plan to start flights in the first three months of next year said Ankit Jalan, a representative for the consortium. The group will invest around 15 billion rupees ($200 million) via equity and debt in the airline over the next six months, half a year earlier than originally planned, Jalan, who is Murari Lal’s nephew, said earlier this week.

The potential revival of Jet Airways, which forced creditors to take a 95% haircut, will be the first for any airline under India’s bankruptcy laws. Ticketing agent-turned-entrepreneur Naresh Goyal after India ended a state monopoly on aviation in the early 1990s, Jet Airways became popular among fliers as an attractive alternative to Air India Ltd., offering full-service flights to cities including London and Singapore, before a bunch of low-cost airlines ushered in cheap fares for no-frills services.

The reaction that we saw of the Jet Airways brand coming back was motivation in itself, 37-year old Jalan, who’s leading the consortium’s airline venture, said from the old offices of Jet Airways.

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