Jalan Kalrock Consortium infuses Rs 100 crore in cash-strapped Jet Airways

JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, announced on Friday that it has infused an additional Rs 100 crore into the airline, per the court-approved resolution plan.

The consortium also stated it expects the airline to be operational next year, with the launch date likely to be announced in the coming days. Jet Airways has been grounded since April 17, 2019.

"Jalan Kalrock Consortium today completed an additional infusion of Rs 100 crore, reaffirming its unwavering commitment to the successful resurgence of Jet Airways," said the consortium in a statement.

"With this infusion, the consortium has now fulfilled its total financial commitment of Rs 350 crore in equity as per the court-approved resolution plan. All commitments by the consortium have now been fulfilled, paving the way for it to assume control of the iconic airline," the statement added.

 

The consortium further clarified that its strategy for reviving the airline remains unchanged. Consequently, the consortium has fulfilled its total financial commitment of Rs 350 crore, enabling it to take over the ownership of Jet Airways, as per another statement from the consortium.

"The new promoters are determined to have the operations of the airline up and running in 2024," the statement noted, adding that further announcements regarding the launch date for Jet Airways will be made in the coming weeks.

Jet Airways was trading 5 per cent in the red at 11:45 am on Friday at Rs 55.91 apiece at BSE.