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The UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan win bid to save India’s bankrupt Jet Airways.
Beginning in 2010, Mumbai-based carrier Jet Airways dominated the market in India, holding a 22.6% share. Because of low-cost airline competitors, the Jet Airways business model could not keep up with decreased prices, leading to severe financial losses and poor overall performance.
Jet Airways ceased operations in April 2019. The last flight was from Amritsar to Mumbai on 19 April 2019. After more than a year, the lenders have accepted the investor’s proposal to revive and operate Jet Airways.
Jet Airways had shared information of interested investors in June with the official Twitter account.
AIAUK/Thai, Synergy Group, Kalrock Capital, Imperial Capital, Turbo Aviation, Alpha Airways and Canadian Citizen Siva Rasiah, Indian Entrepreneur Sanjay Mandavia have expressed interest in airline…
Synergy Group and AIAUK/Thai reiterated its interest… #JetRevival pic.twitter.com/PMlBhBHY3M— Jet Airways 2020 (@jetairways2020) June 30, 2020
It has been approved by the Committee of Creditors(COC), lending to Jet Airways. About a year ago Jet Airways had to shut down due to a serious problem of funds to operate. In the information given to the Bombay stock exchange(BSE), the resolution professional, Ashish Chhachria, appointed by the airline’s lender, said that E-voting has been completed on October 17, 2020, and the Committee of Creditors has signed Murarilal under section 30(4) of the code. The resolution plan of Jalan and Florian Fritsch has been approved.
Apart from Kalrock Capital in Jet Airways, many other bidders made their bids, including the flight simulation of Haryana and the big charter from Mumbai, who bid in collaboration with UAE investor Imperial Capital.
Jet Airways will fly again after this deal. The hopes of flying the debt-ridden and bankrupt airline company Jet Airways once again have increased.
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