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Keep up with everything that’s going on at Jet Airways. Our Corporate Communications team is happy to assist members of the press with their enquiries.

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Ronit Baugh

GM & Head of Corporate Communications

Ronit.Baugh@9w-aviation.com

Media releases

5 August 2022

Dubai, 5 August 2022: The Jalan-Kalrock Consortium has selected IBS Software to power the relaunch of Jet Airways. This selection will provide a range of technology platforms to support Jet Airways’ relaunch as a people-focused airline for the digital age. As technology partner, IBS Software will deliver cutting-edge capabilities in passenger service systems (PSS) encompassing bookings, inventory and revenue management, departure control system, loyalty management, as well as a latest generation website and mobile app, designed to optimize the entire passenger and retail experience.

Jet Airways is set to relaunch commercial operations in September 2022.

“Jet Airways is coming back determined to take technology, services, and customer experience to a new level. Technology with a human touch is at the heart of everything we want to achieve, starting with getting the basics right by addressing recurring pain-points in the customer journey, both online and at the airports, while also addressing the pain-points commonly faced by airline staff”, said Sanjiv Kapoor, Chief Executive Officer for Jet Airways. “In IBS Software we found an ideal partner with the experience and expertise required to deliver the technology platforms and collaboration that will help us deliver on our promise to bring back an even better Jet Airways to those eagerly awaiting its relaunch, as we enter an exciting new era for the airline.”

“Jet Airways is one of India’s most-loved airlines and it is an absolute privilege to play a part in its highly anticipated relaunch. Air passengers in India will not only regain a hugely popular brand, they will also benefit from Jet Airways’ vision to use cutting-edge technology to become a people-focused, customer-first airline updated for the digital age,” said Anand Krishnan, CEO, IBS Software. “Jet Airways is committed to putting technology at the heart of its entire operations, and we’re thrilled to partner with their visionary team to continue to change the face of the airline experience in India and beyond.”

For more information on IBS Software’s range of cloud-based, SaaS technology platforms designed to help airlines digitally transform, visit www.ibsplc.com.

About IBS Software:

IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise and hospitality industries. IBS Software's solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management. IBS Software also runs a real time B2B and B2C distribution platform providing hotel room inventory, rates and availability to a global network of hospitality companies and channels. For the tour and cruise industry, IBS provides a comprehensive customer-centric, digital platform that covers onshore online and on-board solutions, and IBS provides logistical solutions for the energy & resources industry. IBS Software is a Blackstone portfolio company and operates from 15 offices across the world. Further information is found at https://www.ibsplc.com/

About Jet Airways:

Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India. Before it suspended operations in April 2019, Jet Airways flew to over 65 destinations in India and across the world with 124 narrow-body and wide-body aircraft.

Jet Airways is being revived under the Insolvency and Bankruptcy Code as per the National Company Law Tribunal (NCLT) approved resolution plan of Jalan Kalrock Consortium. In a first in Indian aviation history, an airline is being revived under its own name after being grounded for an extended period.

Well-capitalised and led by seasoned industry professionals, Jet Airways in its new avatar will be India’s most people-focused and customer-friendly airline, updated for the Digital Age. It will be a ‘smart’ full-service carrier with a two-class cabin configuration, including a business class cabin designed to global standards and an evolved new-generation economy class that offers today‘s customers what they most value.

13 July 2022

Gurugram, 13 July 2022: The Jalan Kalrock Consortium (JKC) has further strengthened the management team for Jet Airways with the appointments of Srihari Venugopal as Vice President - Network Planning, and Tanay Palshetkar as Assistant Vice President – Pricing and Revenue Management.

Srihari is responsible for developing and overseeing Jet Airways’ network strategy through route planning and development. Tanay will work collaboratively across the business to drive revenues and shape Jet Airways’ commercial proposition. They will report to the Chief Executive Officer, Sanjiv Kapoor.

Before joining Jet Airways, Srihari served Go First as VP – Network Planning. He started his career in aviation as a revenue management analyst at Air Deccan and subsequently worked in various capacities across the MENA and ASEAN regions in addition to the domestic market. His previous employers include Bengaluru International Airport, SpiceJet, Saudi Arabian carrier Flynas, Air Pegasus, and AirAsia.

Tanay also joins Jet Airways from Go First, where he was General Manager – Revenue Management. He started his career with Jet Airways over 22 years ago in the carrier’s reservations team, and then transitioned to take on roles in revenue management, pricing, and similar domains within the commercial functions of various airlines. He was part of Kingfisher Airlines’ start-up team, and later worked with UAE-based RAK Airways and FlyDubai, and AirAsia.

Welcoming the two senior executives to the team, Sanjiv Kapoor, said: “Both, Srihari and Tanay, bring great abilities and the right experience to help us relaunch Jet Airways. We welcome both of them to the Jet Airways family, and we are delighted that our entire senior management team is now almost fully in place, as we get closer to creating history together.”

Several senior industry professionals have joined the re-start team of Jet Airways. On 23 May 2022, the Consortium announced the appointments of Prabh Sharan Singh as Chief Digital Officer, HR Jagannath as VP – Engineering, Mark Turner as VP - Inflight Product and Services, and Vishesh Khanna - VP Sales, Distribution, and Customer Engagement. Previously, Sanjiv Kapoor joined as CEO, Vipula Gunatilleka as CFO, Capt. PP Singh as Vice President - Flight Operations and Accountable Manager, Alphonso Dass as Vice President – Airports & Airport Training, Nakul Tuteja as Vice President – Human Resources & Administration, and Ronit Baugh as General Manager & Head of Corporate Communications.

Jet Airways recently invited former Jet Airways cabin crew to ‘come back home’ and rejoin the airline. The airline will soon begin recruitment for other operational roles, such as pilots, engineers, technicians, etc. The airline intends to recommence commercial operations in the current quarter ending September 2022.

About Jet Airways:

Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India. Before it suspended operations in April 2019, Jet Airways flew to over 65 destinations in India and across the world with 124 narrow-body and wide-body aircraft.

Jet Airways is being revived under the Insolvency and Bankruptcy Code as per the National Company Law Tribunal (NCLT) approved resolution plan of Jalan Kalrock Consortium. In a first in Indian aviation history, an airline is being revived under its own name after being grounded for an extended period.

Well-capitalised and led by seasoned industry professionals, Jet Airways in its new avatar will be India’s most people-focused and customer-friendly airline, updated for the Digital Age. It will be a ‘smart’ full-service carrier with a two-class cabin configuration, including a business class cabin designed to global standards and an evolved new-generation economy class that offers today‘s customers what they most value.

23 May 2022

Gurugram, 23 May 2022: The Jalan Kalrock Consortium (JKC) today announced new appointments for the Jet Airways leadership team, as the airline prepares to make a historic comeback with fresh funding, changed ownership, and new management.

The following accomplished individuals have been appointed:

  • Prabh Sharan Singh, Chief Digital Officer
  • HR Jagannath, Vice President – Engineering
  • Mark Turner, Vice President – Inflight Product and Services
  • Vishesh Khanna, Vice President – Sales, Distribution, and Customer Engagement

Sanjiv Kapoor, Chief Executive Officer, said: “We are delighted to welcome these extremely talented and experienced leaders to the Jet Airways family. All of us in the senior management team of Jet Airways share many things in common, the most important of which is our joint sense of purpose and passion of rebuilding Jet as India’s most people-focused and loved airline, updated for the digital age. This stellar team is deeply committed to bringing the ‘joy of flying’ back to the skies, and I am looking forward to working with them to create history.”

NEW MEMBERS JOINING THE SENIOR LEADERSHIP TEAM

Prabh Sharan Singh (Chief Digital Officer) takes charge on 1 June 2022. Prabh will head the IT and Digital division and lead the creation of a modern technological and digital ecosystem for Jet Airways, focused on providing a simplified and consistent experience to internal and external users on all IT and digital platforms. Currently Senior Vice President at WNS Global Services, Prabh is a Digital Transformation executive with years of leadership experience in driving digital strategies and automation levers. His rich experience spanning nearly 20 years includes stints at Etihad Airways, where he worked as Strategy & Portfolio Lead within the carrier’s Digital Technology & Innovation division, and at Kingfisher Airlines, where he worked as General Manager – Commercial Alliances. At Etihad, Prabh led several transformational initiatives, redefining business by promoting digital transformation and creating innovative strategies that deliver powerful, revenue-generating solutions. He was instrumental in the design and implementation of IT strategies for application development, operational support, security, and architecture, with a focus on adoption and execution of new delivery models, and on practices to induce innovation and faster speed to market.

HR Jagannath (Vice President – Engineering) takes charge today, 23 May 2022. He will lead Jet’s engineering and maintenance team and brings with him over 40 years of aviation experience. Jagannath most recently served as Chief Executive Officer of Air India Engineering Services (Air India’s MRO subsidiary). During the four decades of his service at Air India in various roles and capacities, he was instrumental in the setting up of MRO facilities in India, including those at Thiruvananthapuram, Nagpur, and Hyderabad, and in establishing the company’s overseas branch offices with line maintenance set-ups. He also led the delivery of two specially configured Boeing 777 aircraft to the Indian Air Force for VVIP operations.

Mark Turner (Vice President – Inflight Product and Services) takes charge on 15 June 2022. Mark will play a key role in defining and shaping the infight customer experience of Jet Airways. Mark led Jet Airways’ inflight services team between 2008 and 2011, a phase of rapid growth at Jet Airways. He has over 40 years of aviation experience and has been engaged in start-ups, re-brandings, re-launches, and business transformational projects across geographies, having held key senior management positions at Gulf Air, Emirates, Qatar Airways, and Fiji Airways. At Jet, Mark will be overseeing cabin crew operations, training, and service development, inflight product development, and catering.

Vishesh Khanna (Vice President – Sales, Distribution, and Customer Engagement) takes charge in July 2022. Vishesh joins the airline from VFS Global Ltd, where he currently serves as Business Head e-Visa. He has nearly 30 years of experience in the aviation and travel sectors across B2C and B2B sales, having held executive positions at various airlines in the past. Prior to joining VFS Global, Vishesh was Vice President – Sales for India and Overseas Markets at Vistara (a Tata-Singapore Airlines JV), where he built the sales function from the ground up and led a very able team that helped generate over 85% of the airline’s revenue. As VP Corporate Sales at Kingfisher Airlines from 2010 to 2013, Vishesh’s responsibilities included managing over 1500 corporations in India and abroad, as well as several large travel management companies. He has previously also worked with IndiGo, as VP – Corporate Sales India, having set up their corporate sales function during the carrier’s initial years, as well as with InterGlobe Technology Quotient (Galileo India) in a similar role. At Jet, Vishesh will be overseeing customer engagement as well, covering customer relations and the contact centre.

Earlier this year, JKC appointed Sanjiv Kapoor as CEO, Vipula Gunatilleka as CFO, Capt. PP Singh as Vice President- Flight Operations and Accountable Manager, Alphonso Dass as Vice President – Airports & Airport Training, Nakul Tuteja as Vice President – Human Resources & Administration, and Ronit Baugh as General Manager & Head of PR and Corporate Communications. The airline has also appointed Head of other key departments, details of which will be revealed in due course.

Last week, Jet Airways received its revalidated Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA), enabling the airline to resume its scheduled commercial operations in India. The airline intends to recommence commercial operations in the next quarter of this year (July-September 2022).

About Jet Airways:

Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India. Before it suspended operations in April 2019, Jet Airways flew to over 65 destinations in India and across the world with 124 narrow-body and wide-body aircraft.

Jet Airways is being revived under the Insolvency and Bankruptcy Code as per the National Company Law Tribunal (NCLT) approved resolution plan of Jalan Kalrock Consortium. In a first in Indian aviation history, an airline is being revived under its own name after being grounded for an extended period.

Well-capitalised and led by seasoned industry professionals, Jet Airways in its new avatar will be India’s most people-focused and customer-friendly airline, updated for the Digital Age. It will be a ‘smart’ full-service carrier with a two-class cabin configuration, including a business class cabin designed to global standards and an evolved new-generation economy class that offers today‘s customers what they most value.

20 May 2022

Delhi, 20 May 2022: Jet Airways today received its revalidated Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA), Ministry of Civil Aviation, Government of India.

With the receipt of AOC, the Jalan Kalrock Consortium has fulfilled all the conditions precedent under their NCLT approved Resolution Plan. The revalidation of AOC enables Jet Airways to resume its scheduled commercial operations in India. This significant milestone also paves way for the comeback of the iconic airline in a new avatar with fresh funding, changed ownership, and new management.

The grant of the AOC was the final step in a comprehensive regulatory and compliance process involving several procedural checks for the airline’s operational readiness. The process concluded with the airline having successfully conducted a number of proving flights between 15 May 2022 and 17 May 2022, with key DGCA officials on board. The grant of the AOC revalidates the confidence of the DGCA in the operational preparedness of Jet Airways.

Murari Lal Jalan, Lead Member of Jalan-Kalrock Consortium, said: “Today marks a new dawn for not just Jet Airways, but also for the Indian aviation industry. We are now at the brink of creating history by bringing India’s most-loved airline back to the skies. We will not only live up to the great expectations from brand Jet Airways, but also exceed them in many ways for today’s discerning flyers. We are committed to making this an extraordinary success story in Indian aviation and in Indian business. We are grateful to the NCLT, the Ministry of Civil Aviation, and to the DGCA for supporting us at every step of our efforts to revive the airline.”

Sanjiv Kapoor, Chief Executive Officer, added: “The “Joy of Flying” was a tagline for Jet Airways in an earlier era. We are delighted to announce that The Joy is coming back!

“We are grateful to have received the revalidated AOC, the culmination of months of effort by a fantastic and dedicated team that never wavered in its faith and belief that Jet Airways would fly again, backed by the Jalan-Kalrock Consortium, by the Resolution Professional, and by committee of creditors who were equally determined to see Jet fly again.”

“There is a need for an airline that is simply not a clone of other airlines, but actually offers something that is meaningfully different while offering new ways to attract, delight, and win customers. An airline that understands that doing the right thing by customers, staff, partners, and all stakeholders is the only way to do business. All of us on the re-start team are deeply committed and passionate about building the new Jet Airways into a modern, differentiated, people-focused airline for the digital age. We will combine the best of what Jet Airways was known for 25 years, with exciting new ideas to set the bar even higher.“

Jet Airways intends to recommence commercial operations in the next quarter of this year (July-September 2022). Aircraft and fleet plan, network, product and customer value proposition, loyalty program, and other details will be unveiled in a phased manner over the coming weeks. Additional senior management appointments will be unveiled next week, and hiring for operational roles will also now commence in earnest, with former Jet Airways staff getting preference wherever possible.

About Jet Airways:

Launched in 1993, Jet Airways grew to become synonymous with premium air travel for discerning travellers in India. Before it suspended operations in April 2019, Jet Airways flew to over 65 destinations in India and across the world with 124 narrow-body and wide-body aircraft.

Jet Airways is being revived under the Insolvency and Bankruptcy Code as per the National Company Law Tribunal (NCLT) approved resolution plan of Jalan Kalrock Consortium. In a first in Indian aviation history, an airline is being revived under its own name after being grounded for an extended period.

Well-capitalised and led by seasoned industry professionals, Jet Airways in its new avatar will be India’s most people-focused and customer-friendly airline, updated for the Digital Age. It will be a ‘smart’ full-service carrier with a two-class cabin configuration, including a business class cabin designed to global standards and an evolved new-generation economy class that offers today‘s customers what they most value.

4 Mar 2022

New Delhi, March 4, 2022: Jalan Kalrock Consortium, the Successful Resolution Applicant and new proposed promoters of Jet Airways today announced the appointment of Sanjiv Kapoor as the Chief Executive Officer.

Sanjiv, who is currently President of Oberoi Hotels & Resorts, will be joining from April 4, 2022.

Prior to joining the Oberoi Group, Sanjiv was the Chief Strategy and Commercial Officer at Vistara, a TATA - Singapore Airline Joint Venture, from 2016 until 2019. During Sanjiv’s tenure, the airline grew from 9 aircraft and 40 flights a day to 38 aircraft and over 200 flights a day. All of Vistara’s revenue generating and customer facing functions, as well as strategy, network planning, marketing, loyalty, inflight services, ground services, and product development reported up to him.

Prior to Vistara, Sanjiv led SpiceJet, India’s second largest LCC, through its unprecedented turnaround in 2014-2015 as its COO and de facto CEO from November 2013 until October 2015, shepherding the airline through a period of record high oil prices and a cash crunch, to cultural and operational transformation, ownership change, and profitability within 15 months of assuming charge, in the process fundamentally changing the Indian airline industry in terms of its earlier approach to pricing, marketing, and customer delight.

Sanjiv, a Wharton MBA, started his airline career with Northwest Airlines (now merged with Delta) in the US in 1997, where he worked in finance and corporate planning. In 2004, Sanjiv joined Bain and Company (in Singapore, and subsequently in Dallas and London) as a leader in their airline practice, working with global airline clients on projects ranging from strategy and performance improvement/ turnaround, to network, alliances, and customer experience. Sanjiv’s previous employers include Temasek Holdings, Singapore, and Oracle Corporation.

Mr. Murari Lal Jalan, Lead Partner of the Jalan-Kalrock Consortium and proposed Non-Executive Chairman of Jet Airways said “I am happy to have Sanjiv join our team. Sanjiv is a people’s person and has all qualities of a great leader. I am certain he will be able to lead Jet Airways and make it become the most preferred full-service carrier of India. Sanjiv is a seasoned aviation professional who has the right blend and demeanour to stitch a team together.” Mr Jalan further said, “I always believe in investing in human capital and by having Sanjiv as the CEO and Vipula as the CFO, I am certain Jet Airways will reclaim its lost glory and surpass everyone’s expectation.”

Speaking on his accepting the role as the Chief Executive Officer, Mr. Sanjiv Kapoor said “I am looking forward to getting back to aviation, an industry I am passionate about, with Jet Airways, one of the warmest, classiest and most loved brands to have graced Indian aviation. Even though Jet Airways has been out of operation for three years, it still has a large fan base of loyal customers who miss it every day and can’t wait for it to take to the skies again. Working together with a very strong team of experienced aviation professionals that is being put together by the Jalan-Kalrock Consortium, I look forward to leading the charge in rebuilding Jet Airways into the most preferred customer-oriented airline once again, a people-focused airline for the digital age.”

Sanjiv is from Kolkata and did his schooling at La Martiniere. Sanjiv received his MBA in 1996 from Wharton (University of Pennsylvania), and his BA in 1990 in Computer Science and Government from Dartmouth College.

About Jalan Kalrock Consortium

Mr. Murari Lal Jalan is the lead member and proposed promoter of Jet Airways. Mr Jalan is a visionary who expanded his business horizon by investing in multiple paper manufacturing units in India, diversifying his business into mining, trading, FMCG, renewable energy, and other financial and strategic investments across the Globe. Mr. Jalan's passion for aviation started in early 2020 when he initiated discussions with the Government of Uzbekistan to develop an International Airport in Namangan City. When major aviation companies decided to stay away from new acquisitions, Mr. Jalan saw potential in Jet Airways.

Kalrock Capital is backed by Fritsch, an investment group founded by serial entrepreneur Florian Fritsch. Florian has partnered with some of the world’s most influential families and organizations via Kalrock Partners. The group provides a combination of investment and advisory services in financial, marketing, managerial and legal matters to all its partners and most importantly facilitates meaningful strategic relationships accessing investment opportunities with global impact. Florian’s track record is all about timing and execution. The group has been investing successfully into alternative asset classes over the past 20 years, both as a principal investor, as well as in co-investment syndicates.

About Jet Airways

Jet Airways is a common household aviation brand in India and the oldest private airline with a history of more than 25 years. Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code from 20 June 2019 until 22 June 2021 and as per orders of the Hon’ble NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. As per the approved plan, the Jalan Kalrock Consortium will be the new promoters of Jet Airways.

Jet Airways is being re-established under the new management of Mr. Murari Lal Jalan and Kalrock Capital Partners and will be renowned for reaching out to all its guests with a heartwarming spirit that is embedded in the unique Indian hospitality. Jet Airways will delight its guests with genuine care and personalized quality service, along with consistent, reliable, and efficient operations.

Jet Airways will innovate and deliver service excellence, setting standards for competition to emulate. Jet Airways will again be the most sought-after airline to fly and the most sought-after place of work. Jet Airways will achieve these objectives whilst simultaneously ensuring safe operations and sustainable profitability for all stakeholders.

22 Feb 2022

New Delhi, February 22, 2022: Jalan Kalrock Consortium, the Successful Resolution Applicant and new proposed promoters of Jet Airways today announced the appointment of Vipula Gunatilleka as Chief Financial Officer.

Mr Gunatilleka will be joining from March 1, 2022

Mr Gunatilleka was the CEO of SriLankan Airlines until January 2022 and had the most daunting task of leading the national carrier during the pandemic. Mr Gunatilleka was head hunted by the Board in 2018 to re-structure SriLankan Airlines and in less than two years after assuming the duties as the CEO, the airline recorded positive EBITDA/Cash Flow for the Fiscal Year 2019/20 notwithstanding the devastating effects of the terror attacks in April 2019 in Sri Lanka followed by the global pandemic in early 2020. As a result of key initiatives introduced to improve the service standards and operational efficiencies, the airline was accredited with the ‘World’s Most Punctual Airline’ twice in 2019.

Prior to joining SriLankan Airlines, Mr Gunatilleka was the CFO & Board Member of TAAG Angola Airlines from November 2015 to July 2018 under Emirates Management. He played a pivotal role to turnaround the loss-making national carrier of Angola.

Mr. Ankit Jalan, Member of the Monitoring Committee of Jet Airways and part of Jalan-Kalrock Consortium said “We are excited to welcome Mr. Vipula Gunatilleka to our young and energic team . Vipula is an aviation expert and regarded as a turnaround specialist in the industry. He has been shortlisted after a rigorous process run by our Executive Team over the last several months. I am certain Vipula will be an asset to the organization and will provide the necessary vision to revive the operations of Jet Airways as per the plans of the Consortium.”

Mr. Gunatilleka qualified as a Chartered Accountant in the year 1987 after which he did his MBA from the University of Colombo, Sri Lanka. Mr. Gunatilleka is also a qualified Chartered Management Accountant (FCMA) from UK and Certified Public Accountant (FCPA) from Australia.

Mr. Gunatilleka is known for his astute knowledge in aircraft financing, strategic planning, cost-efficient business modelling and openness to adopt hybrid models to keep business costs low and efficiency high.

Speaking on his plans, Mr Vipula Gunatilleka said “I am very excited to join the company and I look forward to contributing my knowledge of last 30 years in Jet Airways’ resurgence in its new avatar. We will capitalize on the strong brand value which Jet Airways has in the market and use it to re-build the lost ground.”

Mr Gunatilleka further added “I first joined SriLankan Airlines as its CFO in 2001, when it was part of the Emirates Group and was establishing its feet in the Indo-Pacific Sub-Continent. Having spent sufficient time in leadership roles in the aviation industry including as CEO of SriLankan Airlines until January 2022, I am aware of the responsibility that lingers on the shoulders of the leadership team, especially the CFO and I am confident Jet Airways will soon regain its lost glory.”

About Jalan Kalrock Consortium

Mr. Murari Lal Jalan is the lead member and proposed promoter of Jet Airways. Mr Jalan is a visionary who expanded his business horizon by investing in multiple paper manufacturing units in India, diversifying his business into mining, trading, FMCG, renewable energy, and other financial and strategic investments across the Globe. Mr. Jalan's passion for aviation started in early 2020 when he initiated discussions with the Government of Uzbekistan to develop an International Airport in Namangan City. When major aviation companies decided to stay away from new acquisitions, Mr. Jalan saw potential in Jet Airways.

Kalrock Capital is backed by Fritsch, an investment group founded by serial entrepreneur Florian Fritsch. Florian has partnered with some of the world’s most influential families and organizations via Kalrock Partners. The group provides a combination of investment and advisory services in financial, marketing, managerial and legal matters to all its partners and most importantly facilitates meaningful strategic relationships accessing investment opportunities with global impact. Florian’s track record is all about timing and execution. The group has been investing successfully into alternative asset classes over the past 20 years, both as a principal investor, as well as in co-investment syndicates.

About Jet Airways

Jet Airways is a common household aviation brand in India and the oldest private airline with a history of more than 25 years. Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code from 20 June 2019 until 22 June 2021 and as per orders of the Hon’ble NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. As per the approved plan, the Jalan Kalrock Consortium will be the new promoters of Jet Airways.

Jet Airways is being re-established under the new management of Mr. Murari Lal Jalan and Kalrock Capital Partners and will be renowned for reaching out to all its guests with a heart-warming spirit that is embedded in the unique Indian hospitality. Jet Airways will delight its guests with genuine care and personalized quality service, along with consistent, reliable and efficient operations.

Jet Airways will innovate and deliver service excellence, setting standards for competition to emulate. Jet Airways will again be the most sought-after airline to fly and the most sought-after place of work. Jet Airways will achieve these objectives whilst simultaneously ensuring safe operations and sustainable profitability for all stakeholders.

17 Dec 2021

New Delhi, December 17, 2021 : Jet Airways is ready to commence domestic operations, according to the Jalan Kalrock Consortium, the Successful Resolution Applicant of Jet Airways.

The Jalan Kalrock Consortium has approached the Hon’ble National Company Law Tribunal (NCLT) to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways. The Consortium wants to commence payments to all stakeholders including ex-employees, workmen, ticket claimants and lenders of Jet Airways as per the plan approved by the NCLT in June 2021. In its latest filing before the NCLT, the Consortium has intimated December 22, 2021, as its plan “effective date” and seeks to forthwith implement the plan as approved previously by NCLT in June 2021.

Elaborating further, Mr. Murari Lal Jalan, Lead Member of the Consortium and Proposed Promoter and Non-Executive Chairman of Jet Airways said “We are excited to embark on the next phase of revival of India’s Most Loved Airline. We at JKC await the Hon’ble NCLT’s decision on our last filing and look forward to recommencing operations of Jet Airways at the earliest. Mr Jalan further clarified that “The Consortium is ready with its investments and given the progress the team has made operationally since NCLT Approval in June 2021, we feel it is time to fund the company immediately for revival of the business, without delay”. He reiterated that “We are aiming to start Domestic Operations at the earliest in 2022 as a Full-Service Carrier and look forward to creating history with Jet Airways revival.”

Speaking on his plans of revival and fleet type of Jet Airways 2.0, Mr. Florian Fritsch of Kalrock Capital Partners and Partner of Mr. Jalan in Jet Airways said “I am totally aligned with Mr. Jalan and his vision for Jet Airways. I feel the people of India deserve Jet Airways to come back and our teams are working tirelessly to ensure its revival.” Florian clarified that “the decision to invest in Jet Airways has been well thought off by me and Mr. Jalan and we both feel that now is the time that next steps of plan implementation be complied with as per orders of the NCLT.” On the fleet type, Florian said “Jet Airways will commence its operations in 2022 with 6 (six) Narrow Body Aircraft and reach 100+ Aircraft Fleet as a 5-year plan. Even with an aggressive expansion strategy, Jet Airways intends to be a ESG Compliant Aviation Company.” On his relationship with Mr Jalan and future plans of the Consortium, Florian said “I am very fond of Mr. Jalan. He is a true visionary who wants to maintain a low profile but has big plans. It was his idea to invest in Jet Airways and Kalrock is glad to have partnered with him on this transaction. We are also exploring other business opportunities together in Indo-Pacific Region and in Eastern Europe”.

On the revalidation of its existing Air Operator Certificate (AOC), the Consortium clarified that the process of revalidation was initiated in August 2021 itself, within days of receiving the NCLT approval, and the process has now been fast-tracked. The Consortium is confident of receiving the AOC in the coming months and will start operations soon thereafter. The Consortium said “We are in regular touch with the DGCA and the Ministry of Civil Aviation to have Jet’s AOC revalidated and we thank the authorities for their continued support. Jet Airways has an existing AOC valid until 2023, which was only suspended in 2019 due to the financial health of the company then, and the current process taken up is towards removing the said suspension and therefore the time required for getting the AOC revalidated will be substantially lesser in comparison to obtaining fresh AOC by a new company”.

On slots at key airports, including Delhi and Mumbai, the Consortium clarified that it is working closely with the relevant authorities and airport coordinators on slot allocation, required airport infrastructure, and night parking and is confident to get the initial slots required by to commence operations. The Consortium said, “We have held multiple rounds of discussions with all key airports which form part of the initial network plan and are confident to get the required slots in the Summer Schedule of 2022.”

Speaking on operational details and manpower engagement, the Consortium said “Jet Airways is a brand which has grown bigger and stronger over the last two decades and people are excited to join and work for Jet Airways. The company has received more than 35,000 applications across job categories and the team is shortlisting candidates as per its business requirements. Jet Airways 2.0’s new corporate office is in Gurugram and the Consortium is looking for a bigger office in Delhi NCR to house the entire team in one office.”

Speaking on senior management hirings, the Consortium said that “Most of the Senior Management Positions as per our approved organization structure has been filled and the Consortium will introduce the Entire Senior Management Team to all stakeholders soon.”

The Consortium is ready with the required capital and have applied to the Hon’ble NCLT for the necessary approvals to start capital infusion in Jet Airways for further implementation of the plan approved by Hon’ble NCLT in June 2021.

In the New Year, Jet Airways will bring back the “Joy of Flying” to its flyers and work towards becoming the most preferred full service carrier. With more than 1 billion vaccinated people, it seems the worst is over for India and Jet Airways is looking forward to hosting its old and new customers back in the skies.

ABOUT JKC

Mr. Murari Lal Jalan is the lead member and proposed promoter of Jet Airways.

Mr Jalan is a visionary who expanded his business horizon by investing in multiple paper manufacturing units in India, diversifying his business into mining, trading, FMCG, renewable energy, and other financial and strategic investments across the Globe. Mr. Jalan's passion for aviation started in early 2020 when he initiated discussions with the Government of Uzbekistan to develop an International Airport in Namangan City. His desire for aviation got the right push in May 2020 when the bidding process for Jet Airways opened for the fourth time. When major aviation companies decided to stay away from new acquisitions, Mr. Jalan saw potential in Jet Airways.

Jet Airways is a common household aviation brand in India and the oldest private airline with a history of more than 25 years. The aviation sector was deeply hit by COVID-19, but that helped the sector as it underwent substantial correction and created an opportune time to start an airline. Given the potential in Indian aviation and with aircraft and human capital available in abundance, Mr. Jalan knew there was no better time to enter the Indian aviation market. In no time, he put together a core team to lead the process and on 17th October 2020 he was announced as a successful bidder for the airline.

Kalrock Capital is backed by Fritsch, an investment group founded by serial entrepreneur Florian Fritsch.

Florian has partnered with some of the world’s most influential families and organizations via Kalrock Partners. The group provides a combination of investment and advisory services in financial, marketing, managerial and legal matters to all its partners and most importantly facilitates meaningful strategic relationships accessing investment opportunities with global impact. Florian’s track record is all about timing and execution. He is a true Conscious Capitalist who is interested in leaving a positive impact via his investment strategy. His relationships to date span multifamily offices, venture capital and private equity funds, insurance companies and industrial conglomerates. The group has been investing successfully into alternative asset classes over the past 20 years, both as a principal investor, as well as in co-investment syndicates.

7 Dec 2020

New Delhi, 7 December 2020 : Consortium led by Mr. Murari Lal Jalan and Kalrock Capital, has announced the revival of India's premier airline – Jet Airways as a full-service carrier.

The Jet 2.0 program is aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes. As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations. If everything goes as per plan and the Consortium receives the NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the Summer of 2021.

The Consortium's vision is to regain the lost ground, set new benchmarks for the airline industry with the tag of being the best corporate full-service airline operating on domestic and international routes. The Jet 2.0 hubs will remain Delhi, Mumbai, and Bengaluru like before. The revival plan proposes to support Tier 2 and Tier 3 cities by creating sub-hubs in such cities. This would boost the economy in these cities, help Jet Airways stand back on its feet fast, and support the overall vision of the Indian Government to promote aviation business through Tier 2/ Tier 3 Cities in India.

In addition, the Consortium's vision for Jet 2.0 includes plan to increase cargo services to include dedicated freighter service, a market currently underserved by any Indian carrier. Given India’s position as a leading centre for global vaccine manufacture, cargo services have never been more required.

The Consortium had evaluated the option of starting a new airline but some of the inherent strengths of Jet Airways like the optimal flight slots, brand value and reputation for best-in-class inflight service and safety, giving Jet 2.0 an edge over others, were too tempting to resist. The Consortium decided that it would be advantageous to re-energise and start Jet Airways on a clean slate with an established brand.

Commenting on the revival of the airline, Mr. Manoj Narender Madnani, Board Member of Jalan Kalrock Consortium said, “Jet Airways has been a brand with a glorious history of over 25 years, and it is the vision of the Consortium to put Jet Airways back in the skies at the earliest opportunity. We aim to re-energise the brand by infusing energy, warmth, and vibrancy into it while making it bigger and better. Over the years, the brand has created loyal customers and we wish to bring in freshness by adding value – an Indian brand with a global outlook, warm yet professional which symbolises the New India, Young India. With the revival of Jet Airways, it will restore the confidence among the Jet customers to fly again and experience its world class facilities.”

Jet Airways is a well-known household aviation brand in India and the oldest private airline with an operating history spanning more than 25 years. The aviation sector was deeply hit by COVID-19, but that helped the sector as it underwent substantial correction and created that opportune time for the Consortium members to enter the sector. The Consortium's biggest strength is human capital, and it is putting together the best of aviation professionals with Global experience for running and managing the operations of Jet 2.0.

Note:

The Consortium awaits NCLT and regulatory approvals, including reinstatement of slots and bilateral traffic rights by Ministry of Civil Aviation and DGCA. Initial discussions with the Ministry have been extremely positive. The Consortium is inclined in working together with all the stakeholders amicably, and the keeping the interest of Jet Airways and recommencement of its operations as the topmost priority. The Consortium is confident to get support of all the stakeholders of Jet 1.0 and will certainly regain the confidence and trust of all the customers and vendors of Jet Airways.