Follow Us:
Sunday, August 14, 2022

Vijay Mallya flies Kingfisher in FDI zone

Vijay Mallya says Kingfisher Air is in talks with foreign airlines for FDI.

Written by Agencies |
September 26, 2012 3:25:09 pm

Following the government move to allow FDI policy in the civil aviation sector,Chairman of debt-ridden Kingfisher Airlines Vijay Mallya today said the carrier was in talks with foreign airlines.

“Yes,we are in talks” he told reporters on the sidelines of the annual general meeting of the UB Group promoted by him. He,however did not provide details citing “privacy and confidentiality” reasons.

When asked how beneficial will be the new FDI policy,that allows foreign airlines to pick stakes in domestic air carriers for Kingfisher,Mallya said it was too early to comment.

“…it is too early to say about the status report of the FDI policy…There is an established FDI approval procedure. I see a normal course of business going to happen,” he said.

Subscriber Only Stories
The Bihar Handshake: Nitish, Tejashwi and a shared purpose — taking on BJ...Premium
Inside Track: Outfoxing BJPPremium
Tavleen Singh writes: Has India changed enough?Premium
Explained: A Chinese spy ship is set to dock at Sri Lanka port on Aug 16 ...Premium

Mallya also informed that his airline will be making a presentation to the SBI led consortium of banks that have lend to Kingfisher.

“We have regular meetings with KFA banking consortium. I can confirm that there is meeting tomorrow. We will make presentation to them as requested,” he said.

Banks together have an exposure of nearly Rs 7,000 crore in the airline and the loans have all become non-performing assets since January. SBI has an exposure of Rs 1,500 crore to Kingfisher Airlines.


The lenders consortium had asked Mallya to personally make a presentation on turnaround plan.

Mallya said,”Tomorrow,we have a meeting with SBI and whatever issues they will raise,we will respond.”

Chaudhury had recently expressed the hope that Mallya would come up with “something tangible” for its revival in the wake of liberalisation in FDI in the sector.

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest News Archive News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
First published on: 26-09-2012 at 03:25:09 pm

Featured Stories