Jet Airways hits upper circuit after Jalan Kalrock Consortium infuses Rs 100 cr more

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Friday said it has infused an additional Rs 100 crore in the airline as per the court-approved resolution plan. With this, the consortium has "fulfilled" its total financial commitment of Rs 350 crore to revive the airline, which would pave the way for it to take over the ownership of Jey Airways, JKC (Jalan Kalrock Consortium) said in a statement.

JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days.

Jet Airways has not flown since April 17, 2019.

"Kalrock Consortium (JKC) today completed an additional infusion of 100 crore, reaffirming its unwavering commitment to a successful resurgence of Jet Airways," the consortium said in the statement.

"With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline," it added.

It also said that the consortium's strategy to revive the airline remains unaltered.

"The new promoters are determined to re-establish the operations of the airline up and running in 2024," it said and added that further announcements regarding the launch date of Jet Airways will now be made in the coming weeks.