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Kalrock Capital consortium to invest Rs 1,000 cr in Jet Airways

Monday, 19 Oct 2020
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The Kalrock Capital-Murari Lal Jalan consortium has proposed to relaunch Jet Airways as a full-service carrier, with an initial investment of Rs 1,000 crore.

It has initiated discussions with lessors and international airlines for contracts and partnerships.

On 17 October 2020, the Committee of Creditors (CoC) voted in favour of the Kalrock-Jalan consortium over the FSTC-Imperial Capital combine.

While Jet Airways has admitted claims of over Rs 15,000 crore, the resolution plan consists of Rs 866 crore in upfront and deferred payment to creditors. A portion of the sum will be used to cover insolvency resolution costs.

Banks will also get a nine percent equity stake in the airline and an upside from the sale of aircraft. Employees have been offered 75 percent stake in Jet Airways ground handling arm, as well as a financial incentive of close to Rs 20,000 each.

The airline will initially restart domestic operations as a full-service carrier. The consortium will also tap cargo opportunities, and is in the process of selecting a management team.

 
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