Murari Lal Jalan: The Owner of Jet Airways

Jet Airways was one of India’s biggest airlines which was founded on April 1, 1992. However, due to financial troubles its operations were shut down on April 17, 2019, under the leadership of Naresh Goyal.

The airline went bankrupt as neither Goyal nor Etihad Airways could provide further funds. Many employees lost their jobs and banks struggled to recover their dues.

In an unexpected turn, UAE based businessman Murari Lal Jalan along with Kalrock Capital stepped in to revive Jet Airways. Their move sparked public interest, as people wanted to know more about this mysterious man and the deal that aimed to bring the airline back to life.

Kalrock Capital applied for Jet’s resumption in December 2021 and received initial approval from the Ministry of Civil Aviation. However, on November 7, 2024, the Supreme Court ordered the liquidation of Jet Airways—officially ending the revival efforts over five years after its shutdown.

While the revival didn’t succeed, the story of Murari Lal Jalan—the man who tried to save Jet Airways—remains intriguing.

The Journey of Murari Lal Jalan 

Early Life of Murari Lal Jalan

Murari Lal Jalan, originally from Jharkhand, is a low-profile businessman with interests spanning mining, real estate, tourism, trading, FMCG, industrial works and now aviation. 
Despite staying out of the spotlight, he made headlines in February 2021 when he proposed reviving Jet Airways—nearly a year after the airline had shut down—aiming to relaunch it as a full-service carrier in India.

Murari Lal Jalan – Career Journey

Early Career in Paper Trading

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 Murari Lal Jalan began his career in the 1980s in Kolkata, working as a paper trader for JK Paper and Ballarpur Industries. In 2003, he took a big step by acquiring Kanoi Paper & Industries, which he later renamed Agio Paper.

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However in 2010, Agio Paper ran into legal trouble over environmental violations. Production was halted, and Jalan shifted his focus to new ventures.

Ventures in Healthcare and Real Estate

In 2015, Jalan entered the healthcare space by investing ₹75 crore in Dr. Naresh Trehan and Associates Health Services. They had plans to build a hospital in Dubai, but it didn’t materialize.

After moving to the UAE, he pivoted to real estate. He launched MJ Developers, a company with projects in India, Brazil, and Russia. It is well known for residential developments in Uzbekistan, and its headquarters is based in Dubai.

Chairman of Agio Image Group

He also became the chairman of Agio Image Group, a firm that supplies photographic products to big brands like Konica, Sony, and Panasonic.

Stepping Into Aviation: Jet Airways Revival

Jalan expanded into aviation by partnering with Kalrock Capital to revive Jet Airways—despite having no prior experience in the industry. He admitted this openly, stating that while he lacked aviation knowledge, he brought financial strength to the table.

In 2021, after nearly two years of effort, the Jalan-Kalrock consortium submitted a revival plan to India’s National Company Law Tribunal (NCLT). They committed to investing ₹1,375 crore to bring Jet Airways back to life.

Murari Lal Jalan & the Jet Airways Revival Attempt

Murari Lal Jalan and Kalrock Capital first considered to launch a new airline but later chose to revive Jet Airways due to its strong brand value and loyal customer base. Their plan aimed to restart domestic flights using previous slots and gradually resume international operations.

However, the revival faced multiple setbacks, including COVID-19 disruptions, funding issues and frequent leadership changes. Despite ongoing efforts, the journey came to an end on November 7, 2024, when the Supreme Court of India ordered the liquidation of Jet Airways, officially closing the chapter more than five years after the airline went bankrupt.

Conclusion

Though Murari Lal Jalan remains a mysterious figure surrounded by speculation, he played a key role in one of India’s most high-profile airline revival attempts. Alongside Kalrock Capital, he aimed to bring Jet Airways back to life by committing an additional $12 million to its revival.

However the Supreme Court of India later ordered the airline’s liquidation, officially ending all hopes of a comeback, more than five years after Jet Airways first went bankrupt. This marked the conclusion of the airline revival journey under Jalan’s leadership.