The world was in utter shock when a mysterious man revived Jet Airways when the airline was in massive debt after the effect of the Pandemic. An Indian international airline was founded on 1st April 1992- Jet Airways which became one of the largest airlines in India. Besides, Jet Airways functions over 300 flights daily to nearly 72 destinations all over the world and is worth more than 8000 Crores as of 2019.
Things weren’t going well in the business, When Naresh Goyal ceased the operation of the Airlines on 17th April 2019. Jet Airways was reported to be Bankrupt due to Goyal and Etihad Airways inability to pay more money to the Airlines for any promotion.
In the same years, many banks tried their best to recover their dues from the Airways. However, after two years of struggle to salvage the JetAirways, a revival plan was submitted by the consortium of UK-headquartered company- Kalrock Capital and a UAE-based businessman- Murari Lal Jalan at the National Company Law Tribunal (NCLT). It is stated that this is the first time in the nation when aviation is set to be revived after shutting down.
Questions were raised from every aspect about this puzzled rich man- Murari Lal Jalan in terms of his background, how he got rich to acquire Jet Airways and Why did he save the airlines, when he knows nothing in that field?
How did Murari Lal Jalan go from Ranchi to the new owner of Jet Airlines
Murari Lal Jalan's Paper Business
Breakdown in Jalan’s career
Stepping into the Real estate and Healthcare sector
Chairman of Agio Image Group
Partnered with Baba Ramdev
Jalan does not know the airline's field, creating a suspicious outlook
FAQ
How did Murari Lal Jalan go from Ranchi to the new owner of Jet Airlines
The new owner of Jet Airways- Murari Lal Jalan maintains a low profile among the business communities in India as well as Abroad. In February 2021, Jalan proposed promoters of Jet Airways in order to start a full-service airline in the country.
Besides, it is referred that he was in advance discussion with the Uzbekistan Government and the state Government of Namangan for upgrading a new airport in the State. Above all, Jalan has invested Rs. 375 Crores equity in Jet airways and Rs. 604 Crores had been funded to recover the debt.
Murari Lal Jalan's Paper Business
Murari Lal Jalan began his career in the paper trading business in Kolkata in the 1980s, where he worked as a trader for JK Paper and Ballarpur industries. In 2003, he expanded his business and, for that he acquired a Kolkata-based Kanoi Paper & industries, which was later renamed Agio Paper.
Breakdown in Jalan’s Career
In 2010, Murari Lal Jalan encountered a lawsuit from Government agencies against his paper company, for violating pollution in the nation. The company had suspended its production since then, and he focused on some other business to thrive well.
Stepping into the Real estate and Healthcare sector
In 2015, he stepped into the Healthcare sector and acquired Dr Naresh Trehan and Associates Health services by investing Rs. 75 Crores in the company through a secondary share sale transaction. They planned to establish a hospital in Dubai, but unfortunately, that plan wasn't implemented in the future.
Chairman of Agio Image Group
After enrolling in the Real estate and healthcare sector in Dubai. Later, he moved his business to Dubai, intending to thrive in real estate, and launched his own Business MJ Developers in Uzbekistan. Ultimately became the chairman of the Agio Image Group, which is renowned for selling photographic products to Konica, Sony, and Panasonic.
Anagha S
Partnered with Baba Ramdev
He gained his heyday during his ownership in MJ Developers in Dubai, whereby he contracted to have a partnership deed with the Patanjali Ayurveda owner- Baba Ramdev according to the Indian Ministry of Corporate Affairs. Besides, it is cited that Jal had been involved in marketing Ayurvedic Products. But, still, there is no such information regarding the opening of the Murari Lal Ayurvedic company.
Jalan does not know the Aviation field, creating a suspicious outlook
Following the acquisition of Jet Airways, many media outlets came up with the question “Who is Murari Lal Jalan?”. It is known that he began his career during the 80s through his family business of paper trading. And step by step, Jalan grew his net worth by engaging in various sectors such as healthcare, mining, trading and Real estate. But all of a sudden he entered into the aviation business along with Kalrock Capital, which sounds zero knowledge to him. Besides, in an interview, he said that he has no experience in what he is doing in the aviation industry. He managed the finance for the bidding of Jet airways.
Bidding for #JetAirways is a business decision that will prove fruitful for all stakeholders, especially the customers. The opportunity of low costs with high potential is what encouraged us to invest in the airlines.
— Murari Lal Jalan (@JalanMurari) February 22, 2021
Meghashree Das
Conclusion
Murari Lal Jalan commenced his career by joining his family business, a paper industry. Although he encountered his own family business at stake after affecting the environment and determined to upbring his career in such a way, that earned him the new ownership of India’s one of the largest and prestigious Airlines industries- Jet Airways.
FAQ
Who is the present owner of Jet Airways?
U.K.-based Kalrock Capital Partners and Murari Lal Jalan are the present owners of Jet Airways.
What is the net worth of Murari Lal Jalan?
The net worth of Murari Lal Jalan is approximately over $200 million as of 2021.
How many aircraft does Jet Airways have?
Jet Airways currently operates a fleet of 97 aircrafts.
Author: Abinaya Arangarajan
Source : https://startuptalky.com/murari-lal-jalan-interesting-facts/
Date : 2021-11-05T06:39:39.000Z