Jet Airways, which has been closed for the last 4 years, may soon start flying. Jalan Kalrock Consortium (JKC) has informed that it has completed the target of investing Rs 100 crore in airlines. The company’s promoter had committed to invest Rs 350 crore to revive the airline.
After this investment, Jalan Kalrock Consortium has said in its official statement that it wants to restart the airline’s operations by 2024. It is worth noting that to take complete control over Jet Airways, the court had ordered JKC to invest a total of Rs 350 crore.
The Investment Deadline Was Ending On September 30.
The National Company Law Tribunal (NCLT) had conducted the bid for Jet Airways in June 2021 under the bankruptcy law. In this, the Jalan-Kalrock consortium had made the biggest bid. The consortium had bid to invest Rs 350 crore to restart the airlines. JKC had said in the court that it would invest Rs 100 crore by August 31 and the next Rs 100 crore by September 30. The remaining Rs 150 crore is being paid as Performance Bank Guarantee (PBG).
Airline operations Are Closed Since 2019
It is noteworthy that Jet Airways, facing financial problems, stopped operating all its flights on April 17, 2019. This airline was founded by Naresh Goyal in the year 1990. It was started at this time as an alternative to Air India. This airline once had more than 120 aircraft and operated more than 650 flights daily.
When Will Airlines Start Operating?
Jalan-Kalrock Consortium is a company of UAE-based businessman Murari Lal Jalan. Kalrock Capital Partners is a UK-based company that wants to start operating the airlines by completing all the processes as soon as possible. JKC plans that Jet Airways should be able to start its business in the year 2024.
For this, the company continuously talks to aircraft manufacturing companies, pilot associations and airport authorities. However, no correct information has been revealed regarding when the airlines can start their operations in 2024.
