The winning bidder, Jalan Kalrock Consortium, announced on Thursday that it has invested an additional Rs 100 crore in Jet Airways, bringing its total investment in the airline to Rs 250 crore.
“JKC confirms to have deposited Rs 100 crores in Jet Airways in less than 48 hours of the NCLAT allowing implementation of the revival plans,” it said in a statement.
Jet Airways has not flown since April 17, 2019.
“With this infusion, JKC has now invested Rs 250 crore in Jet Airways and now is only required to fund the remaining Rs 100 crores in Jet Airways by September 30, 2023, to take control of the airline,” the consortium said in the statement.
The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021.
However, the plan is yet to be implemented.
According to the company filing, total standalone revenue increased by 138% YoY from Rs. 13.10 Cr in Q1 FY23 to Rs. 39.08 Cr in Q1 FY24 and the company reported a net loss of Rs. 50.65 Cr in Q1 FY24 against a loss of 390.11 Cr in Q1 FY23.
An international airline based in India is Jet Airways (India) Ltd. The primary business operations of the corporation involve domestic and international passenger and cargo transportation. Tickets for travellers can be purchased there and through mobile apps.
