Kingfisher beer product unit, the original business of Vijay Mallya
INDIA’S struggling Kingfisher Airlines told regulators on Friday (October 26) that it had sufficient funds to restart operations in a bid to convince them to reinstate its flying licence, an official said.
“Kingfisher officials say they can fund their operations using their own resources, without outside investors,” an official at the regulatory Directorate General of Civil Aviation (DGCA) told reporters on condition of anonymity.
The airline, which has been battling to stay afloat after staff strikes, falling share prices and billions of rupees of debt, has been looking for investors to help turn around its fortunes.
“Kingfisher officials say they are trying, but they don’t expect to get investors for the next four to five months. Until then, they say they can manage on their own,” said the DGCA official.
A Kingfisher spokesman said that the company would “not comment on (its) internal financial arrangements”.
The meeting between regulators and airline officials took place after Kingfisher staff agreed to go back to work on Thursday (October 25), ending a strike over not being paid for more than six months.
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