Jalan Kalrock Consortium announced that it has infused Rs 100 crore in Jet Airways as per the court-approved resolution plan, saying it reaffirms its commitment to revive the grounded carrier.
With the investment, the consortium said it has “fulfilled” its total financial commitment of Rs 350 crore for the resurgence of Jet Airways. “The consortium’s strategy to revive the airline remains unaltered”, it said in a press release. The release added that now all the commitments by JKC now are completed to take control of the airline.
“The new promoters are determined to re-establish the operations of the airline up and running in 2024,” the release added.
The Jalan Kalrock Consortium has said it will be making further announcements regarding the launch date of Jet Airways in the coming weeks.
Reviving Jet Airways
This airline first started operations in 1993. Before it suspended its operations in April 2019, Jet Airways ran flights to 65 destinations in India and internationally. It had 124 narrow-body and wide-body aircraft.
The grounded airline is being revived under the Insolvency and Bankruptcy Code as per the NCLT approved resolution plan of Jalan Kalrock Consortium.
The consortium said this is the first time an airline is being revived under its own name after being grounded for an extended period of time in Indian aviation history.