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.
Denne historien er fra November 20, 2020-utgaven av Forbes India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 20, 2020-utgaven av Forbes India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
