AgenciesMUMBAI: Kalrock Capital, a London-based asset management company said it, along with a UAE investor Murari Lal Jalan have been chosen as the new owners of the bankrupt airline Jet Airways.
"Our consortium was chosen by the committee of creditors in a meeting that concluded this evening," Igor Starha, managing partner at Kalrock told ET on the phone.
ET couldn't confirm it separately with Jet's lenders.
Another consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai's Big Charter and Abu Dhabi’s Imperial Capital Investments was also in the race.
Kalrock's website described it as a London-based asset management company with interests in real estate, venture capital and “special situations”.
Jalan, through his company MJ Developers, has invested in real estate, mining, trading, construction, FMCG, dairy, travel and tourism.
Jet, India’s oldest private carrier, stopped operations in April last year due to a cash crunch and piling debt and was dragged to India’s bankruptcy court in June, by its lenders, to whom it owed more than Rs 8,000 crore.
The process has dragged on since then with several investors throwing in their hats but unable to submit concrete proposals within the deadline. The suitors included South American conglomerate Synergy Group and New Delhi-based Prudent ARC.
Starha said the formal takeover process will begin now and that the conglomerate plans to operate Jet as an Indian carrier. Apart from the flying license, it will get six Boeing 777 aircraft.
"Our consortium was chosen by the committee of creditors in a meeting that concluded this evening," Igor Starha, managing partner at Kalrock told ET on the phone.
ET couldn't confirm it separately with Jet's lenders.
Another consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai's Big Charter and Abu Dhabi’s Imperial Capital Investments was also in the race.
Kalrock's website described it as a London-based asset management company with interests in real estate, venture capital and “special situations”.
Jalan, through his company MJ Developers, has invested in real estate, mining, trading, construction, FMCG, dairy, travel and tourism.
Jet, India’s oldest private carrier, stopped operations in April last year due to a cash crunch and piling debt and was dragged to India’s bankruptcy court in June, by its lenders, to whom it owed more than Rs 8,000 crore.
The process has dragged on since then with several investors throwing in their hats but unable to submit concrete proposals within the deadline. The suitors included South American conglomerate Synergy Group and New Delhi-based Prudent ARC.
Starha said the formal takeover process will begin now and that the conglomerate plans to operate Jet as an Indian carrier. Apart from the flying license, it will get six Boeing 777 aircraft.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.