Kalrock Capital-Murari Lal Jalan consortium was selected by committee of creditors in a voting process which concluded on Saturday
Murari Lal Jalan | Credits: NamanganSquare.com
Murari Lal Jalan began his career in his family’s paper trading business in Kolkata in the 1980s.
Over the years, he diversified in other sectors and ventured in new geographies such as Russia, UAE and Uzbekistan but it is only now that he is in limelight after winning the bid to revive Jet Airways.
Kalrock Capital-Murari Lal Jalan consortium was selected by committee of creditors in a voting process which concluded on Saturday.
Jalan does not have an aviation background but members of Kalrock management like Manoj Madnani and John Oram have looked at cargo and logistics while working earlier for Polish billionaire Jan Kulczyk. Madnani and Oram have also evaluated investment and restructuring opportunities in other airlines.
Sources said Jalan worked as a trader for established manufacturers such as JK Paper and Ballarpur Industries. With the success in paper trading, he ventured into photo imaging and distribution of photography equipment.
In 2003, Jalan made a foray in paper manufacturing by acquiring Kanoi Paper and Industries. The company which has been renamed as Agio Paper has a manufacturing plant in Bilaspur with installed capacity of 15,500 tonnes but production has been suspended since 2010 because of pollution related issues.
Later he diversified in real estate and health care. In 2015, Jalan acquired a stake in Dr Naresh Trehan and Associates Health Services Private Limited for Rs 75 crore in a secondary share sale transaction. In the same, Dr Trehan’s Medanta Hospital announced plans to set up a hospital in Dubai in partnership with Jalan but the plan did not materialise.
Currently, Jalan is engaged in developing residential and commercial properties in Uzbekistan including a five star hotel. One of his project in city of Namangan has been designed by noted architect Hafeez Contractor.
According to a media report, Jalan has family and business ties with the Gupta family of South Africa which was embroiled in a corruption scandal in the presidency of Jacob Zuma.
Jalan could not be reached for a comment. Kalrock Capital didn’t respond to an email query.
An entrepreneur who knows Jalan said he is a legitimate businessman. “I have not heard anything adverse about him,” he said.