Jet Airways shares jump 5 pc as Jalan Kalrock Consortium infuses Rs 100 crore into company

New Delhi: Shares of Jet Airways on Friday rallied 5 per cent to hit its upper circuit limit after Jalan Kalrock Consortium said it has infused an additional Rs 100 crore into the airline.

The stock jumped 5 per cent to Rs 55.91 -- its upper circuit limit -- on the BSE.

On the NSE, it rallied 4.98 per cent to Rs 55.80 -- its upper circuit limit.

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Friday said it has infused an additional Rs 100 crore in the airline as per the court-approved resolution plan.

With this, the consortium has "fulfilled" its total financial commitment of Rs 350 crore to revive the airline, which would pave the way for it to take over the ownership of Jet Airways, JKC (Jalan Kalrock Consortium) said in a statement.

JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days.

Jet Airways has been grounded since April 17, 2019.

"Kalrock Consortium (JKC) today (Friday) completed an additional infusion of Rs 100 crore, reaffirming its unwavering commitment to a successful resurgence of Jet Airways," the consortium said in the statement.

"With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline," it added.

It also said the consortium's strategy to revive the airline remains unaltered.

"The new promoters are determined to re-establish the operations of the airline up and running in 2024," it said, adding that further announcements regarding the launch date of Jet Airways will be made in the coming weeks.