NEW DELHI: While the issue of allowing foreign airlines to invest in desi ones is yet to be decided, Kingfisher promoter Vijay Mallya on Tuesday told TOI that he would "recapitalize the airline, FDI or no FDI". Highly placed government sources said Mallya has told aviation authorities that he will meet finance ministry officials to get banks to open their purse strings if FDI is not cleared within a fortnight as the pressure on him to raise funds or face the logical consequences of failing to do so is mounting.
Dismissing doubts and cynicism on the ailing airline's survival, Mallya said he is focusing on "sustainable profitability". The airline is fighting to survive under a debt burden of Rs 7,500 crore, mainly from PSU banks and a combined debt-dues-losses figure of Rs 14,000 crore. Banks have asked him to infuse equity before seeking additional loans.
The Liquor Baron, who had made a similar claim about the airline being close to getting funds at a press conference in Mumbai last November, did not give details of the funding plan.
Edited By Cen Fox Post Team
