London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Will UAE-based investor Murari Lal Jalan be a saviour for India's grounded Jet Airways?

Will UAE-based investor Murari Lal Jalan be a saviour for India's grounded Jet Airways?

Man behind M J Developers is part of a consortium understood to be favoured to take over troubled Indian airline

A consortium comprising UAE-based investor Murari Lal Jalan, known mainly for his company M J Developers, and London-based asset management company Kalrock Capital, is understood to be favoured to take over India’s grounded Jet Airways by the airline’s creditors.

Airline industry sources said so far the indications point to a majority among the State Bank of India (SBI)-led Committee of Creditors (CoC) to Jet Airways favouring the revival proposal submitted by the Jalan-Kalrock Capital consortium.

But on Thursday, the resolution professional appointed for Jet Airways said that the CoC has not concluded the e-voting process, adding that "appropriate disclosures" would only be made after the voting process has been concluded. Sources say the e-voting may continue until October 16

When contacted, Igor Starha, managing partner of Kalrock Capital, told Arabian Business in an email reply: “We do not comment on any rumours or speculations and have no comments to make on the ongoing resolution process of Jet Airways.”

Starha added that neither Kalrock Capital nor the Jalan-Kalrock Consortium has given a statement to any publication on the ongoing resolution process of Jet Airways.

Starha’s comment comes in the wake of Indian financial daily Economic Times quoting Starha as saying that his consortium had been chosen in a report carried on Thursday.


The ET report also quoted Starha as saying that “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".

Arabian Business has contacted SBI for its comments while Murari Lal Jain could not be contacted immediately.

Abu Dhabi-based Etihad Airways holds 24 percent stake in Jet Airways, which has been grounded since April 2019.


Murari Lal Jalan, chairman of M J Developers


Another consortium comprising Abu Dhabi’s Imperial Capital Investments, Haryana-based Flight Simulation Technique Centre and Mumbai's Big Charter was also in the final race for takeover of Jet Airways.

Some aviation industry analysts, however, were cynical about the viability of revival of Jet Airways.

“Given the dramatic battering of aviation the world over, coupled with quarantine restrictions, reviving Jet Airways, in any form, let alone using 6 777-300ER's borders on suicidal,” Saj Ahmad, chief analyst at the London-based StrategicAero Research, told Arabian Business.

Here's a look at where it all went wrong for the Etihad-backed troubled Indian carrier Jet Airways, the country's oldest surviving private airline.

“Where do they expect passengers will come from,” he asked.

“Quite frankly, the money spent on trying to revive this defunct airline is better off saved in a bank,” he added.

An eminent figure in the UAE business fraternity and known for his brand M J Developers, Jalan has investments in diverse sectors like real estate, mining, trading, construction, FMCG, dairy, travel and tourism and industrial works globally.


He has investments in the UAE, India, Russia and Uzbekistan among others.

Kalrock's website described it as a global firm operating in financial advisory and alternative asset management, managing significant partners’ assets, mainly in real estate, venture capital and “special situations”.

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 $1.1 billion.

Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×