Jet Airways insolvency: FSTC-led consortium promises $100 million initial investment to revive airline
The consortium of Flight Simulation Technique Centre Pvt Ltd, Big Charter Pvt Ltd, and Imperial Capital Investments LLC, have secured an initial funding of $100 million that will be used to revive Jet Airways. "We have secured a funding of $100 million through our partners, to start with," Biraja Jena, chairman of Imperial Capital, told Moneycontrol. The Dubai-based investment banking and wealth management company has also brought in Taha Group - a Middle-East based business house - as an investor, in the consortium.
The second consortium consists of London-based financial services firm Kalrock Capital and entrepreneur Murari Lal Jalan. Sources added that the Kalrock Capital led consortium has also got the backing of investors and aviation industry veterans, including two executives who were part of the senior management at Jet Airways. This may include Nikos Kardassis, the former CEO of the airline, and considered close to founder Naresh Goyal.
The FSTC-Imperial Capital consortium has proposed to restart Jet Airways with five to 10 aircraft. These will be used to cater to routes between metros in the country. "At Jet Airways, the plan is to honour the airline's order book with Boeing. We will negotiate with the airline manufacturer," said sources close to the consortium.
On the other hand, Kalrock Capital-led consortium plans to restart Jet Airways operations with over 20 aircraft. It plans to fly both, on domestic and international routes.