Kingfisher in talks with oversea airlines, seeking stake sale
Amid UPA’s liberalization reform of FDI in retail, the beleaguered KFA airline is in touch with foreign airline ensuring FDI investment in aviation.
Confirming its talk with overseas airline, Kingfisher Airlines (KFA) chairman Vijay Mallya said, “Yes, we are in talks”, adding “It is a bit early to say there is a status report that I can show. The government announced the policy only 10 days ago.”
Reports is also that the country’s largest liquor maker by volumes United Spirits, said promoter Mallya was in talks with Diageo to sell his personal stake in non-core assets to the UB Group like Mangalore Fertilisers.
Today, KFA would report its turnaround plans to lenders including the SBI banks, the lead bank of 17-member lenders consortium whom it have to pay debt of around Rs 1,500 crore, atotal of all Rs. 7000 crore.
Meanwhile, Mallaya does not provide any details about name of supporting aviations, but confirming that domestic investors too keen interested for investing in KFA, seeking to hike share due to 51% FDI allowance in Indian market.
“We have regular meetings with KFA banking consortium. I can confirm that there is meeting tomorrow. We will make presentation to them as requested,” Mallaya told reporters, also confirmed a meeting with SBI on Thursday.
Mallaya dismissed KDA’s debt-ridden troubles, blaming media to published false reports.