Kingfisher in Talks with Foreign Airlines: Mallya

Bangalore: Following the government's move to allow FDI in the civil aviation sector, Chairman of debt-ridden Kingfisher Airlines Vijay Mallya said the carrier was in talks with foreign airlines. "Yes, we are in talks" he said on the sidelines of the annual general meeting of the UB Group, promoted by him. However, he did not provide details citing "privacy and confidentiality" reasons. When asked how beneficial the new FDI policy will be for Kingfisher, Mallya said it was too early to comment. 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 the KFA banking consortium. I can confirm that there is meeting tomorrow. We will make a presentation to them as requested," he said. Banks together have an exposure of nearly 7,000 crore in the airline and the loans have all become non-performing assets since January. SBI has an exposure of 1,500 crore to Kingfisher Airlines. The lenders consortium had asked Mallya to personally make a presentation on KFA's 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 KFA's revival in the wake of liberalisation in FDI in the sector.
Source: PTI