Jalan-Kalrock consortium completes capital infusion in India's Jet Airways

BENGALURU, Sept 29 (Reuters) - The Jalan-Kalrock consortium said on Friday that it has fulfilled its commitment to infuse 3.50 billion rupees ($42.1 million) to revive the now-defunct Indian carrier Jet Airways.

Earlier this year, Indias national company law tribunal allowed the ownership of Jet Airways to be transferred to the consortium of the United Kingdom-based Kalrock Capital and UAE-based businessman Murari Jalan, in an effort to revive the debt-ridden airline.

\“With this infusion, all commitments by JKC now stand fulfilled to take control of the airline,\” the consortium said in a statement.

Once Indias biggest private airline, Jet Airways ran out of cash in April 2019 and filed for bankruptcy, and was taken to court by its creditors whom it owed about 180 billion rupees ($2.17 billion).

It was supposed to resume operations by the first quarter of 2022 under its new owners.

The consortium aims to re-establish the airlines operations from next year and further announcements regarding the launch date of Jet Airways will be made in the coming weeks, according to the statement.

($1 = 83.0625 Indian rupees)