Express press service
NEW DELHI: Almost a year and a half after closing its doors and admitted under the Insolvency and Bankruptcy Code (IBC), Jet Airways finally found a buyer on Saturday. The Kalrock Capital consortium and Murari Lal Jalan are the new owners of the airline.
Details of Jalan-Karlock’s offer to acquire the airline were not disclosed. Analysts have warned of many challenges for new owners, but even if all goes well, it could take up to eight months to get jets back into the sky.
Jalan is a businessman who is interested in various industries ranging from real estate to mining. Besides India, it has investments in the United Arab Emirates, Russia and Uzbekistan. Kalrock Capital, founded by European entrepreneur Florian Fritsch, is a global company operating in financial advice and alternative asset management.
Experts believe that unemployment in the aviation sector due to the pandemic and the poor financial health of aircraft rental companies will help new owners to cut costs. For passengers, the resumption of Jet services will mean competitive fares and more options on international routes.
Jet lost most of its planes. To begin with, its slots at major airports and traffic rights were assigned to other carriers. The carrier owes more than Rs 8,000 crore to a group of banks led by the State Bank of India and YES Bank. Overall, Jet faces claims of around Rs 40,000 crore from various creditors including banks, suppliers and employees. Of this amount, the NCLT admitted claims worth Rs 15,525 crore.
Industry estimates suggest that new owners will need to spend around Rs 1,000 crore to acquire a license, get the necessary manpower on board, and lease new planes to start their operations. At the moment, Jet only has six old planes in his fundraiser when he had 120.
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