Murari Lal Jalan: The Mysterious Owner of Jet Airways

The Indian aviation industry and the entire world were baffled when a mysterious man decided to revive Jet Airways when the airline was in massive debt which was the aftereffect of its financial troubles.

Jet Airways is one of the most prominent Indian airlines founded on 1st April 1992. It has been one of the largest airlines in India. Things were revealed to be going not so 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. Many employees lost their jobs in the time span. During these years, many banks tried their best to recover their dues from the airline service provider. Nothing seemed to be going well for them.

The UAE-based businessman, Murari Lal Jalan came as a blessing for Jet Airways along with Kalrock Capital when they decided to revive the airlines. People were extremely curious about him and the entire deal that led to the change of ownership of the airlines. Kalrock Capital applied for the resumption of Jet Airways on December 13, 2021, and got approval from the Ministry of Civil Aviation to start its operations until the Supreme Court ordered the liquidation of Jet Airways on November 7, 2024, officially ending any hopes of reviving the airline over five years after it went bankrupt.

However, the mystery behind the man who came as a superhero, Murari Lal Jalan, needs to get solved. Therefore, in this article, we will talk about the owner of Jet Airways, Murari Lal Jalan, and will find out more about him. So, let's get started.

Murari Lal Jalan - Biography

Murari Lal Jalan - Early Life
Murari Lal Jalan - Career
Jalan and Kalrock Capital Partnership to Revive Jet Airways
Interesting Facts about Murari Lal Jalan
Murari Lal Jalan - The Future Plans with Jet Airways

Murari Lal Jalan - Early Life

Murari Lal Jalan was born in Jharkhand, whose business interests are spread across diverse segments including mining, real estate, travel and tourism, trading, fast-moving consumer goods, industrial works, and now aviation. Murari Lal Jalan maintains a low profile among the business community, whether it's in India or abroad. In February 2021, after almost a year Jet Airways was shut down. Jalan proposed to the promoters of Jet Airways in order to start a full-service airline in the country.

Murari Lal Jalan - Career

Paper Trading 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, in the hopes of expanding his business, he acquired a Kolkata-based Kanoi Paper & industries, which was later renamed, Agio Paper.

In 2010, Murari Lal Jalan encountered a setback when he received 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 businesses to thrive well.

Real Estate and Health Care

In 2015, Jalan 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.

After moving to UAE, he focussed on the Real Estate business and started his company MJ Developers, a firm, which mainly conducts its business in India, Brazil, and Russia. The headquarters of the company is situated in Dubai, UAE. MJ Developers is quite famous for developing residential properties in Uzbekistan.

Chairman of Agio Image Group

Murari Lal Jalan became the chairman of the Agio Image Group, which is renowned for selling photographic products to Konica, Sony, and Panasonic.

Jalan and Kalrock Capital Partnership to Revive Jet Airways

Step by step, Jalan grew his net worth by engaging in various sectors such as healthcare, mining, trading, and Real estate. However, his entry into the aviation business along with Kalrock Capital seemed almost sudden, which sounds like a zero-knowledge business 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.

In 2021, after two years of struggle to salvage Jet Airways, a revival plan was submitted by Kalrock Capital and a UAE-based businessman, Murari Lal Jalan, at the National Company Law Tribunal (NCLT). This way, it was revealed that Jet Airways would be revived after its shutting down. The Jalan Kalrock consortium has decided to make an investment of Rs 1375 crore in Jet Airways over the next two years.

Interesting Facts about Murari Lal Jalan

Some of the interesting facts about the mysterious man, Murari Lal Jalan are:

• Jalan is said to contract 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. Although, there is no concrete proof about it.
• Murari Lal Jalan is said to be backed by Ajay Gupta, Atul Gupta, and Rajesh Gupta, the infamous trio also known as the Gupta brothers of South Africa. The trio is facing charges of corruption and has fleed the country to save themselves.
• Murari Lal Jalan is a big fan of cricket and loves reading. Jalan delves into books between work and travel.
• Murari Lal Jalan has been contributing to Uzbekistan’s transformation, especially in Namangan and Tashkent, through major investments in residential projects, luxury hotels, universities, and hospitals. His ventures support Uzbekistan’s market economy growth, helping shape the nation’s future.

Murari Lal Jalan & The Jet Airways

Murari Lal Jalan and Kalrock Capital initially considered starting a new airline but chose to go with the Jet Airways brand for its strong brand value and customer loyalty. Their revival plan aimed for Jet Airways to operate its previous domestic slots in India and resume international flights. However, the plan faced repeated delays due to COVID-19, financial challenges, and leadership changes. The consortium continued efforts to restart operations until November 7, 2024, when India’s Supreme Court ordered Jet Airways’ liquidation, officially ending the revival plans more than five years after the airline’s bankruptcy.

Conclusion

Although the man himself is a mystery and is surrounded by several rumours, Murari Lal Jalan cannot be ignored as he had the ownership of India’s one of the largest and most prestigious airline industries- Jet Airways. He along with Kalrock Capital planned to bring Jet Airways back from the dead by investing an additional $12 million to revive the airline as promised. However, India’s Supreme Court later ordered Jet Airways’ liquidation, ending any hope of its return more than five years after bankruptcy. This decision marked the official end to Jet Airways’ revival journey under Jalan’s leadership.

Who is the 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 once operated with a fleet of 97 aircraft.