Who is Murari Lal Jalan, the NRI who is looking to acquire insolvent Jet Airways?
The insolvent airlines company Jet Airways is likely to be acquired by a consortium of NRI Murari Lal Jalan and a Lonodon-based alternative investment fund, Kalrock Capital.
Even as news reports say that it is a done deal that the consortium-led by Murari Lal Jalan is winning the bid to acquire Jet Airways, the resolution applicant has informed the stock exchanges in India that the e-voting by CoC is not over yet.
Even if the news of this acquisition is not fully confirmed, it has created a lot of interest in knowing who this not-so-well-known NRI Murari Lal Jalan is?
We tried to dig out some information for you.
Murari Lal Jalan is chairman of the UAE-based Agio Image Group, which is involved in diverse business activities like trading, distribution, construction & real estate and medical services.
Originally the group was focused on distribution of photographic products in the early 1990s.
Jalan has significant business interest in Uzbekistan, where it has floated a real estate company – MJ Developers — based out of Tashkent. According to the website of MJ Developers, it “is a strategic real estate development organization specializing in the development of an integrated smart city. The organization is primarily engaged in investment and development of premium smart cities in emerging markets, with a particular focus on Uzbekistan.”
The website of MJ Developers calls its founder Jalan as a man with over 40 years of experience in countries like Brazil, India, Russia and Japan. His focus seems to be real estate market in emerging economies, and probably this explains his interest in Uzbekistan.
Jalan also has a whole lot of businesses in India, mostly run by his family members. They have a whole lot of businesses in India especially in Wes Bengal and eastern part of the country.
Jalan’s family runs Agio Paper and Industries, headquartered in Kolkata. It has its unit in Bilaspur, Chhattisgarh. Murari Lal Jalan directly owns 44.6% stake in the company listed on the Bombay Stock Exchange.
Then there are companies like Heritage Aviation, Agio Renewables, Pristine Regent Infratech, Panas Developers, Panas Impex, Orion Enclave Private Ltd, etc run by Mr Jalan’s family.
Jet Airways, which owes over Rs 15,000 crore to financial and operational creditors, is under the Insolvency process since 20 June 2019. Insolvency proceedings were started by State Bank of India (SBI), which had outstanding dues of Rs 1,636 crore or 24% of the total dues of 38 financial creditors.
