Dubai/Mumbai: Two major Gulf Arab carriers said they have no interest in taking a stake in struggling Indian carrier Kingfisher Airlines, which is grappling with a pile of debt and on the hunt for fresh equity. Abu Dhabi's state-owned Etihad Airways and Qatar Airways said on Thursday they were not inclined to invest in Kingfisher. Sources in India familiar with the matter told Reuters that Kingfisher was in early talks...
10:59 PM, Feb 09, 2012
Mumbai: Scrips of three listed domestic carriers, Jet Airways, Kingfisher Airlines and SpiceJet rallied after the government on Tuesday allowed airlines to import jet fuel directly. The decision on direct jet fuel imports was taken by an empowered group of ministers (EGoM) headed by Finance Minister Pranab Mukherjee. Analysts said the move, announced by Civil Aviation Minister Ajit Singh, would help airlines to cut 10-15 percent of their operating cost....
04:46 PM, Feb 07, 2012
New Delhi: The joining of Kingfisher Airlines into the global airline grouping "Oneworld Alliance" was put on hold on Friday due to the financial crisis faced by the Vijay Mallya owned carrier. The development came a day after the International Air Transport Association (IATA) suspended Kingfisher Airlines from its Geneva-based clearing house (ICH) due to non-payment of dues to airline members. "Kingfisher Airlines and Oneworld today agreed to put the...
07:26 AM, Feb 04, 2012
New Delhi: Weeks after the aviation regulator warned Kingfisher not to compromise on aviation safety, its promoter Vijay Mallya on Wednesday met DGCA top brass in New Delhi and discussed the financial and operational recovery plan of the cash-strapped airline. "He (Mallya) has a recovery plan. It is up to us to see that he keeps to the plan," DGCA chief EK Bharat Bhushan told PTI after over an hour-long...
07:13 PM, Jan 25, 2012
Singapore: Germany's DVB Bank SE said it may repossess two Airbus A320 aircraft from troubled Kingfisher Airlines Ltd if the carrier failed to meet its commitment to the lender in due time. The cash-strapped Kingfisher, controlled by flamboyant liquor baron Vijay Mallya, is having trouble making interest payments and paying salaries. "It is a painful situation, it requires a lot of time and work," Bertrand Grabowski, a member of the...
01:45 PM, Jan 13, 2012
New Delhi: After a rap from the aviation regulator for neglecting safety issues, Kingfisher Airlines on Monday submitted a detailed response to DGCA giving time-bound plans to resolve the lapses and discrepancies identified. As Civil Aviation Minister Ajit Singh asserted that there would be no compromise on aviation safety, Kingfisher officials submitted the airline's response at the headquarters of the Directorate General of Civil Aviation (DGCA) in New Delhi, but...
07:53 AM, Jan 10, 2012
New Delhi: In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options. Kingfisher later issued a statement saying, "Kingfisher Airlines categorically denies news reports appearing in a section of the press which claims the airline is planning to lay off any staff." However, industry sources said the debt-ridden carrier could also...
06:16 PM, Jan 04, 2012
Mumbai: Cash-strapped carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees' salaries for the last two fiscal years, Minister of State for Finance told lawmakers on Tuesday. Kingfisher has about 1.3 billion rupees of tax deducted at source to be deposited with the government and has committed to pay it by the end of the current financial year to March...
05:22 AM, Dec 21, 2011
Mumbai: Lenders to cash-strapped Kingfisher Airlines, which has been grounding planes and cutting routes to stay aloft, are awaiting a report on the airline's viability before they approve a $133 million loan, banking sources said on Monday. SBI Capital Markets Ltd, a unit of State Bank of India, has been hired by the banking consortium to draft a report on the carrier's financial outlook. That report has yet to be...
01:12 AM, Dec 20, 2011
Mumbai: The Sahara group will give a loan of more than 2.5 billion rupees to cash-strapped Kingfisher Airlines, to help the carrier continue operations, the media reported on Saturday, citing sources. Kingfisher, India's third largest airline by market share, has been struggling to raise funds to continue operations and repay debt. The carrier, majority-owned by Vijay Mallya controlled UB group, has a debt of about 65 billion rupees and its...
08:10 AM, Dec 18, 2011
New Delhi: Kingfisher Airlines promoter Vijay Mallya has given a personal guarantee of Rs 248.97 crore, besides pledging shares as security against loans taken from various banks, Parliament was informed on Friday. United Breweries Holdings, which Mallya heads, has provided a corporate guarantee of Rs 1,601.43 crore, Minister of State for Finance Namo Narain Meena said in a written reply in Lok Sabha. The Minister said the debt-laden airline has...
07:21 PM, Dec 09, 2011
Mumbai: Kingfisher Airlines is still in talks with a potential local investor to raise funds, its chairman Vijay Mallya said on Friday, even as woes mounted for the cash strapped carrier with a major airport set to stop facilities on credit. "That's going on," Mallya said on Friday in televised comments, in response to a query on whether he was talking to a local investor. "I know that you are...
08:09 AM, Dec 03, 2011
New Delhi: Kingfisher Airlines is still in talks with a potential local investor to raise funds, its chairman Vijay Mallya said Friday, even as woes mounted for the cash strapped carrier with a major airport set to stop facilities on credit. "That's going on," Mallya said on Friday in televised comments, in response to a query on whether he was talking to a local investor. "I know that you are...
12:37 AM, Dec 03, 2011
New Delhi: Kingfisher chairman Vijay Mallya has said he is in talks with an Indian investor to bail out Kingfisher Airlines. This even as Mumbai Airport authorities have put the airline on notice for not paying dues up to Rs 90 crore, threatening to disallow flights to Mumbai airport, if the airline does not abide by its terms of payment. The airline has started paying the airport daily as per...
10:43 PM, Dec 02, 2011
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