Jet's Mysterious Suitor

Not much is known of Murari Lal Jalan, who leads the consortium that has won the bid for Jet Airways. Will he be able to turn around the company in a pandemic-ravaged sector?

- Manu Balachandran

Within India’s corporate echelons, Murari Lal Jalan remains something of an enigma. Not much is known about the millionaire who, along with London-based financial advisory firm Kalrock Capital, became the newest owner of India’s oldest private airline, Jet Airways. Jet, previously owned by billionaire Naresh Goyal and Etihad Airways, had shut operations in April 2019 after its debt spiraled out of control.

“The resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC [Committee of Creditors] as the successful resolution plan,” said Ashish Chhawchharia, the resolution professional appointed by the lenders of the airline, in a stock exchange filing on October 17. The consortium will now have to wait for clearance from the National Company Law Tribunal (NCLT) before officially taking over the reins. Last July, the NCLT had approved bankruptcy proceedings against Jet.

While Kalrock Capital is part of the Fritsch Group, an investment group founded by serial real estate and tech entrepreneur Florian Fritsch, 56-year-old Jalan remains a mystery. A casual internet search on Jalan is almost certain to take you to the website of a commercial and residential project being developed in Uzbekistan by the MJ Group, which envisages Jalan as “a man who has a global vision”. MJ Group, as the initials suggest, is owned by Jalan.

“Traditional wisdom says ‘don’t put all your eggs in one basket’ and it perfectly applies to Mr. Murari Lal Jalan,” says his profile on the website of Namangan Square, a residential complex being developed by the group in Uzbekistan’s eastern city of Namangan. The complex is spread over 18 hectares, featuring 1,500-odd luxury apartments.