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Kingfisher Airlines fails to present clear funding plan: Aviation Minister

27 Dec 2012 Evaluate

According to the Aviation Minister Ajit Singh - Kingfisher Airlines, owned by liquor tycoon Vijay Mallya, was unable to present a clear funding plan to regulators to get it flying again. In an effort to renew its operating license before it expires at the end of the year, grounded carrier Kingfisher Airlines has filed a revival plan with the Directorate General of Civil Aviation (DGCA) on December 24, 2012. 

The airline has been trying to raise fresh cash for more than a year, but it was not able to achieve the same. As per media reports, Etihad Airways is likely to invest in the beleaguered airline and is close to seal the deal to buy part of either Kingfisher or its Indian rival Jet Airways.

It is not clear whether the debt strapped airline will get approval to resume operations with five planes, as it owed money to banks, staff, airports, and tax authorities and it doesn’t have funds to repay the same.

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Company Name CMP
Interglobe Aviation 4484.25
SpiceJet 13.33
Raymond 521.90
Global Vectra Helico 187.45
Taneja Aerospace 327.00
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