Kalrock Capital and Murari Lal Jalan are the potential new owners of Jet Airways
By MYBRANDBOOK
Kalrock Capital and Murari Lal Jalan have emerged as the winning bidder for the beleaguered Jet Airways. Their bid secured over 99 percent votes from the creditor's committee of Jet Airways, and will now be submitted to the National Company Law Tribunal (NCLT) for the final nod. If the court gives its nod to the plan, Fritsch & Jalan will be the new owners of the airline.
As per Fritsch Group’s website, it was an early investor in Tesla and has made investments in several other firms like All My Homes, Beyond Limits, Biotest, Delivery Hero, Zanaga Iron Ore, etc. While it has invested in distressed firms, Fritsch has not made any investment in an aviation company before, as per the information available on its website.
Manoj Madnani, Board Member of Kalrock Capital said,"I want to thank the CoC and the RP for running a thorough and stringent process, which was much appreciated. I also want to thank all the stakeholder of Jet Airways who has supported us throughout this process. We are really excited about this because India is destined to be the third-largest aviation market globally. The current pandemic will not last forever, and once that is behind, we are looking forward to taking it (Jet) to the next level.”
Jalan is a UAE based entrepreneur and has investments in several sectors like real estate, mining, trading, construction, fast-moving consumer goods, dairy, travel & tourism and industrial works globally, according to reports.
Jalan has investments in the United Arab Emirates, India, Russia and Uzbekistan among others. He is the founder and Chairman of a realty firm by the name of MJ Developers, which is currently engaged in developing residential and commercial properties in Uzbekistan.
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