Kingfisher Airline in talks with DIAL for putting off its dues

Cash strapped Kingfisher Airline, is in discussions with Delhi International Airports (DIAL) for rescheduling its dues. The ailing airline owes around Rs 56 crore to DIAL and currently runs its operation at Delhi Airport on cash and carry basis by paying Rs 25 lakh a day.

Delhi International Airport (DIAL) is a consortium of the GMR Group (50.1%), Fraport AG (10%), Malaysia Airports (10%), India Development Fund (3.9%) and the Airports Authority of India (26%) stake.

Recently, Redect Consultancy had sold 3.25 million shares of Kingfisher Airlines for Rs 5.74 crore in an open market transaction. In a bulk deal, Redect Consultancy offloaded 32,50,914 equities of Kingfisher for Rs 17.66 a piece.