Tag: Vijay Mallya

International investors not confident about India: Vijay Mallya

Mar. 27 Business Comments Off

Threatening to government economy, the cash-scrapped airline Kingfisher pointed on the economic image of India in global market.

KFA, which is seeking in a position to ground down, still showing great but fake confidence and challenged the government as lobbying hard to allow foreign airlines to invest in domestic carriers.

Vijay Mallya, the airline promoter blasted on twitter with his recent remark “India’s global image has taken a beating. “According to him, India is not the safe place for global investors who are not confident about investing in it due to restrictions over business that led to lack of global accessibility in market. Read more

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KFA still to submit revised schedule to DGCA

Feb. 22 Business Comments Off

Sometime a little hope proves to be a successful fact, and this has come true for crisis-hit Kingfisher Airlines. KFA was waiting for SBI’s relief package that will help it for resolving its disruptions in operations.

Now its hope for relief will going to be fulfill because as per KFA’s expectations, today prominent banks that have lent to the airline have reportedly decided to provide a relief package to it.

As per source report, the State Bank of India, including bank guarantee and loan repayment extension, will provide Rs.1200 crore relief package to Kingfisher out of which nearly Rs. 700 crore will be provided in working capital loans.

However yesterday after declaring losses of 444 crores in Q3 with current debt of 1.3 billion dollars or Rs. 7,057.08 crore, KFA had failed to get support of 18 banks that have lent to it by convert more loans into equity. Read more

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Kingfisher Airlines crisis: cancellations continue, pilots resign

Feb. 21 Business Comments Off

As per latest business news, Vijay Mallya’s Kingfisher Airlines crisis continued in the fourth disruption day of flights cancellation.

On this consecutive day, more than 23 flights have cancelled out of them 15 are from Mumbai and 8 flights from Bangalore.

To explain the continuous disruptions in the operations of KFA, Kingfisher airlines CEO Sanjay Aggarwal has met to the directorate general of civil aviation (DGCA) as accordance to summon issued on Monday.

The crisis is because of undue payments for many months to employees. The cash-strapped carrier has defaulted on payments to oil companies and airports too due to having no profits from last few years. Read more

Tags: , CEO Sanjay Aggarwal, , , , Kingfisher Airlines crisis, , , Vijay Mallya's Kingfisher Airlines

Vijay Mallya demands Rs 400 crore loan from SBI

Nov. 19 Business 1 comment

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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