New Delhi: Grounded Kingfisher Airlines submitted a plan to the Director General of Civil Aviation (DGCA) to restart operations, saying its parent group would provide initial funding and asking for its flying licence to be renewed. Kingfisher, controlled by liquor tycoon Vijay Mallya, who also owns UB Group, was forced to halt operations in October, 2012 and owes about $2.5 billion to banks, airports and others, the Centre for Asia Pacific Aviation consultancy estimates. Its flying licences expired at the end of 2012. The company has a two-year window to get them back.
"We have given a complete plan," Sanjay Aggarwal told reporters on Wednesday after a meeting the sector regulator. "We have requested that our licence be renewed," he said, adding the carrier planned to restart operations with seven aircraft, including five Airbus planes, and gradually increase that to 20 within a few months of the restart.
Mallya's UB Group will help with initial funding, Aggarwal said. The Group earlier outlined a Rs 630 crore funding plan for Kingfisher. The aviation regulator rebuffed a previous revival plan by Kingfisher on the grounds that - given its difficulties in paying back its lenders and the salaries of its staff - it might not guarantee a reliable service.
A senior government official with direct knowledge of the matter said on Wednesday UB Group's agreeing to pump money into the airline was a "positive thing" for Kingfisher. "We will have to examine the whole proposal," said the official, who
08:13 AM, Apr 11, 2013
UB Group, the parent of debt-laden Kingfisher Airlines, said it was in talks with lenders to the carrier to cut their exposure by using proceeds from a stake sale in a group company to Diageo Plc. ...
02:03 PM, Feb 15, 2013
Debt-ridden and with no customers, Kingfisher Airlines Ltd posted a Rs 755 crore loss in the three months to December 31 as its planes sat idle, creditors circled and regulators rebuffed the Indian airline's revival plans. ...
11:12 AM, Feb 05, 2013
In fresh ray of hope for the Kingfisher Airlines, sources in the aviation regulator, the Directorate General of Civil Aviation (DGCA), said that the licence of the cash-strapped carrier would be renewed if its revival plan gets a go-ahead. ...
01:49 PM, Dec 31, 2012
Activist-turned-politician Arvind Kejriwal on Friday alleged that Rs 6,000 crore in black money was stashed away in 700 HSBC accounts in Geneva, Switzerland. ...
10:23 PM, Nov 09, 2012
New Delhi: Vijay Mallya owned United Breweries on Friday signed a $2 billion deal with Diageo group and sold controlling stake of 53.4 per cent in United Spirits Limited (USL). Announcing the deal, Mallya said, "The cash infusion will help USL de-leverage itself. It is a win-win situation for both USL and Diageo." Ivan Menezen, the CEO of Diageo, seconded Mallya. He said, "The alcohol market in India will grow...
02:30 PM, Nov 09, 2012
Mumbai: United Breweries Ltd on Friday posted a net profit of Rs 34.2 crore for the second quarter ended September 30, as against Rs 19.5 crore in the year-ago period. The revenue of the company, part of Vijay Mallya-led UB Group, also rose to Rs 875 crore in the same period. The company had recorded revenue of Rs 750 crore in the second quarter of the previous fiscal. On quarter-on-quarter...
09:40 AM, Nov 09, 2012
New Delhi: Vijay Mallya-owned United Breweries has reached a deal with the world's largest producer of spirits Diageo and the deal close to a billion dollars is expected to be announced on Friday. Diageo is likely to take the management control post the deal, while Mallya will continue to remain the chairman of United Spirits Limited. The UB Group and Diageo finally agreed to sign the term-sheet for the United...
09:00 AM, Nov 09, 2012
New Delhi: The UB Group and Diageo have finally agreed to sign a term-sheet for the United Spirits Limited stake sale on Friday. Sources say that Diageo will likely take management control of the USL. However, Vijay Mallya will remain the chairman of the USL, post the UB Group-Diageo deal. The UB Group will be selling 27 per cent stake directly to Diageo, which will trigger a mandatory open offer....
08:21 PM, Nov 08, 2012
Greater Noida: Liquor baron Vijay Mallya does not have to do a deal with UK drinks giant Diageo and will not sell prized assets to rescue his grounded Kingfisher airline, he told Reuters at the weekend. Speaking in his office at Force India, the Formula One team he co-owns, the UB Group head poured scorn on media reports that he would be forced to sell stakes in profitable businesses to...
06:12 PM, Oct 28, 2012
New Delhi: In the latest twist to the Kingfisher Airlines crisis, sources on Friday said that the money to revive the cash-strapped airline will come from Vijay Mallya's UB Group as there is no investor available in the near term. Kingfisher CEO Sanjay Aggarwal met the Directorate General of Civil Aviation (DGCA) officials on Friday afternoon and will now meet Mallya to discuss the revival plan. The meeting came after...
02:16 PM, Oct 26, 2012
New Delhi: Vijay Mallya's quest to raise funds seems to have hit a speed breaker. Sources say that the United Spirits Limited-global spirits company Diageo deal has hit a roadblock over issues related to management control. According to sources there are two important issues that have to be clarified. First, about the management control and second, about the no extension given to United Spirits to bring down stake in Whyte...
09:20 PM, Oct 23, 2012
New Delhi: So how exactly was Kingfisher Airlines killed? The airline company was Chairman Vijay Mallya's muse. He chose to run it himself, even deciding to interview air hostesses, pilots and other staff members himself. So did this obsession lead to the company's decline? Apart from Mallya, few others were allowed to run the show. Smallest decisions had to wait for the Chairman's go-ahead, say management insiders. However, the real...
09:17 PM, Oct 22, 2012
Bangalore: The Karnataka government on Saturday said it has instructed the State Pollution Control Board to take action against United Breweries which was found to run its beer production unit at Nanjanagud in Mysore district without operational clearance by the Board. Ecology and Environment Minister Sogadu Shivanna, who visited the unit three weeks ago, told reporters in Bangalore on Saturday that it's confirmed from records of the Excise Department and...
08:53 PM, Oct 20, 2012
New Delhi: With no end in sight to the 16-day impasse over a lockout and strike by its workers, Kingfisher Airlines management will be meeting with their representatives on Wednesday in a last-ditch effort to convince them to return to work. The meeting, scheduled in Mumbai, is likely to be attended by top officials of the parent company, UB Group, apart from the airline top-brass. It comes three days before...
08:42 AM, Oct 17, 2012
New Delhi: Air carriers may be flying through rough weathers, but their top executives have got handsome pay hikes, while CEO of crisis-ridden Kingfisher has emerged as the second-highest paid among all his peers at Vijay Mallya-led UB Group. Among the country's three listed airlines also, Kingfisher CEO Sanjay Agarwal's pay package was the second highest in the last fiscal ended March 31, 2012, as per the remuneration details provided...
05:46 PM, Oct 07, 2012
Bangalore/London: Diageo and UB Group On Tuesday said they are in talks for a deal under which the UK-based drinks major may pick up stake in the latter's United Spirits, but maintained there is no certainty of the transaction. "Both United Spirits and United Breweries Holdings have issued a statement this morning stating that they are in discussion with Diageo to potentially acquire a shareholding in United Spirits", UB group...
10:24 PM, Sep 25, 2012
New Delhi: Kingfisher Airlines on Saturday reported widening of net loss for the quarter ended June 30, to Rs 650.8 crore due to costs associated with non-operating aircraft. The airline had posted a net loss of Rs 263.5 crore in same period last year. The income from operations of the airline tanked to Rs 301.4 crore from Rs 1,907 crore a year ago, down 83.72 per cent, the company said...
01:49 PM, Aug 11, 2012
New Delhi: Crisis-hit Kingfisher Airlines said on Friday it has made alternative arrangements for customers to book their travel on the carrier, in the wake of global airlines' body IATA suspending it from its platforms for non-clearance of dues. "The airline has made alternate arrangements to ensure that the customers can continue to book their travel on Kingfisher, via select leading travel agents and their network of partners," a Kingfisher...
12:14 PM, Mar 09, 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
