Vijay Mallya planning to re-launch grounded Kingfisher Airlines, say reports
CMP: Rs.7
The promoter of now defunct Kingfisher Airlines -- Vijay Mallya -- has been planning to re-launch it, sources said on Wednesday.
According to Kingfisher management sources, Mallya has been hopeful of an infusion of Rs.800 crore by a foreign entity, while the talks with British liquor maker Diageo Plc were still on.
Mallya, who is also the promoter of United Spirits Ltd (USL), had signed a deal with Diageo to sell his controlling stake in the company. Diageo would also pick up another 26 per cent through mandatory open offer.
Kingfisher management sources claimed to have got a nod from the Director General of Civil Aviation (DGCA) to go ahead with its pilot training programme ahead of the airline's re-launch.
Kingfisher's flying licence was suspended by the DGCA in October 2012 and it later lapsed in December after the airline was grounded following a strike by its employees, including pilots, over non-payment of dues.
The company owes an estimated Rs.13,582 crore to various banks, staff, airport operators and oil companies.
On Tuesday State Bank of India (SBI) chairman Pratip Chaudhuri had said that the banks would continue to sell pledged shares of Kingfisher Airline and invoke all other securities till they get back the dues. SBI is the leader of consortium of lenders to the grounded airline.
The airline promoters had recently unsuccessfully asked the Bombay High Court to prevent the banks from selling pledged shares.
- With inputs from Headlines Today and agency
According to Kingfisher management sources, Mallya has been hopeful of an infusion of Rs.800 crore by a foreign entity, while the talks with British liquor maker Diageo Plc were still on.
Mallya, who is also the promoter of United Spirits Ltd (USL), had signed a deal with Diageo to sell his controlling stake in the company. Diageo would also pick up another 26 per cent through mandatory open offer.
Kingfisher management sources claimed to have got a nod from the Director General of Civil Aviation (DGCA) to go ahead with its pilot training programme ahead of the airline's re-launch.
Kingfisher's flying licence was suspended by the DGCA in October 2012 and it later lapsed in December after the airline was grounded following a strike by its employees, including pilots, over non-payment of dues.
The company owes an estimated Rs.13,582 crore to various banks, staff, airport operators and oil companies.
On Tuesday State Bank of India (SBI) chairman Pratip Chaudhuri had said that the banks would continue to sell pledged shares of Kingfisher Airline and invoke all other securities till they get back the dues. SBI is the leader of consortium of lenders to the grounded airline.
The airline promoters had recently unsuccessfully asked the Bombay High Court to prevent the banks from selling pledged shares.
- With inputs from Headlines Today and agency
Courtesy: India Today
