On Saturday a multimillion dollar resolution plan was approved by the Jet Airways creditors and finalizing its acquisition by an investor consortium.
The plan submitted after months of talks was confirmed in a regulatory filing by a UAE-based businessman Murari Lal Jalan and consortium of London-based Kalrock Capital and it gave no further details.
A source close to the situation said the new owners had agreed to pump in ₹10 billion ($136 million) as working capital. Another ₹10 billion will be given to creditors over five years. Financial creditors will also get 10% stake, subject to approvals, the source added.
Jet Airways was forced in April 2019 to ground all flights which operated more than 120 planes serving dozens of domestic destinations and international hubs.
After Jet halted operations its slots were then given to its rivals at least 280 slots in Mumbai and 160 in Delhi. The revival plan is also based on getting some of these slots back.
“Any resumption of flights will likely not happen for between three to six months at least the plan is to ramp up slowly and to increase capacity gradually as they will be starting afresh,” the source said.