Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

UAE tycoon Murari Lal Jalan wins bid to revive India's Jet Airways

UAE tycoon Murari Lal Jalan wins bid to revive India's Jet Airways

Creditors on Saturday backed consortium including Jalan 18 months after airline went bankrupt with $1.2bn in debt

Creditors on Saturday backed a surprise plan by a consortium including Dubai-based tycoon Murari Lal Jalan to revive Jet Airways 18 months after India's biggest private airline went bankrupt with $1.2 billion in debt.

As predicted by Arabian Business, London investment fund Kalrock Capital and Jalan proposed the rescue that was "duly approved" by a creditors' committee, Jet said in a statement to the Bombay Stock Exchange.

The statement did not give details of the plan but media reports said they had offered to make a payment of about $115 million to creditors and equity in the new firm which they wanted to concentrate on international routes.

Creditors, mainly Indian public sector banks, took over Jet in early 2019 but failed to keep it operating as its cash crunch grew. It was finally grounded in April 2019.

On top of its $1.2 billion debt to the banks, the airline also faces huge claims from 20,000 former staff, airports and suppliers. Total liabilities could top $4 billion.



Kalrock Capital, founded by German entrepreneur Florian Fritsch, focuses on real estate and venture capital and has a major investment in electric car maker Tesla. Murai Lal Jalan (pictured above) has built up his fortune from mining, paper manufacturing and trading across several countries.

The consortium will need approval from a government tribunal and India's aviation ministry before sealing the deal to purchase the airline which would have to reclaim flight slots since given to other airlines.

The move comes despite the crippling blow dealt to the global aviation industry by the coronavirus pandemic which this year brought international flights to a near standstill.

India is still only allowing a slow resumption on domestic routes and very limited international flights.

Bad investments, financial mismanagement, competition from low-cost carriers, high oil prices and a weak rupee led to the collapse of Jet.

Several former executives are under investigation for money laundering and fraud. Naresh Goyal, who set up the airline in 1992, is accused of financial mismanagement and was last year stopped from taking a flight to London at Mumbai airport.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×