Vijay Mallya demands Rs 400 crore loan from SBI

On Friday, The chairman of Kingfisher’s airline, Vijay Mallya, had troubled to fight the battle on multiple fronts. In international market, Mallya is the business man, who compared with flamboyant British entrepreneur Richard Branson.

Though, his company is now going through tough time and facing some financial disaster. By putting all things in the right way, he has planned to raise a loan and met Pratip Chaudhuri, chairman of India’s largest bank SBI for a short-term loan of Rs 400 crore to meet working capital requirements like Pratip Chaudhuri, chairman of State Bank of India and to repossess 16 aircraft for delay in payment of rentals.

The bank enforced him for letters of credit and guarantees, which would raise the amount of capital by Rs 445 crore. Read More

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