Bangalore: Industrialist Vijay Mallya on Wednesday announced the exit of his spirits-to-aviation group from Kingfisher Red, the low-cost airline operations.
He added that a Rs 2,000 crore rights issue will be pursued to spruce up the financials.
"Yes, we are doing away with Kingfisher Red. We don't intend to compete in the low-cost segment. But all is not gloom and doom," Mallya said at a press conference soon after informing shareholders on the latest cost-cutting and revenue generating measures.