The Vijay Mallya-led, Kingfisher Airlines is in discussion with two foreign carriers for a potential rescue package that could be announced within days. The company has secured provisional approval from the government for a change in the law that will ease restrictions on foreign ownership of Indian airlines.
Foreign airlines were interested to invest in Kingfisher as soon as a change in the law was announced. The change would allow overseas airlines to own up to 49% of an Indian carrier for the first time. One of the airlines involved in the talks is International Airlines Group, the owner of British Airways and Iberia.
Kingfisher Airlines has reported a net loss of Rs 444.27 crore for the quarter ended December 31, 2011, against net loss of Rs 253.69 crore for the corresponding period last fiscal. Total income declined by 19.07% to Rs 1342.33 crore during the quarter under review from Rs 1658.70 crore in the year-ago period.
