Global Investors Not Confident About India, says Mallya

Monday, 26 March 2012, 12:14 Hrs
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New Delhi: Cash-starved Kingfisher Airlines may be lobbying hard with the government to permit foreign airlines to invest in domestic carriers, but its flamboyant promoter Vijay Mallya said global investors do not seem to be confident about investing in India.

Kingfisher Airlines owes over 5,600 cr to PSU banks. Govt has taken a beating," Mallya said on the social networking platform Twitter.

Kingfisher which is neck-deep into financial problems, is lobbying hard with the government to allow foreign airlines to invest in domestic carriers.

In his budget speech, finance minister Pranab Mukherjee had said that permitting foreign airlines to buy upto 49 percent stake in the Indian carriers was under active consideration of the government.

However, Mallya has doubts whether global investors have confidence in the country.

"Nobody seems to be confident that India is a great investment opportunity. Why are we going so wrong?" he asked.

But on the Budget day, Mallya tweeted, "good, balanced and pragmatic budget announced by FM (Pranab Mukherjee)".

Kingfisher with a debt of over 7,000 crore has cut down operations including winding up international services.

Mallya, 56, presides over a big liquor business through United Spirits Ltd. He also co-owns Formula One racing team with the Sahara group which had bought 42.5% stake for $100 million in October last.

The stylish businessman, who is often described as 'king of good times', is a regular on Twitter and follows the performance of Sahara Force India worldwide.

However, he does not like linkages of his motor racing business with the dire straits that the Kingfisher finds itself in.

"Can't believe the malicious mischief going on by linking investment made in Force India F1....to current KFA situation" he tweeted recently.
Source: PTI
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