Kingfisher revival plan has no clear funding proposal

Aviation minister Ajit Singh said there has to be a concrete plan
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First Published: Wed, Dec 26 2012. 02 31 PM IST
A file photo of aviation minister Ajit Singh. Photo: Pradeep Gaur/Mint
A file photo of aviation minister Ajit Singh. Photo: Pradeep Gaur/Mint
Updated: Thu, Dec 27 2012. 12 43 AM IST
New Delhi: A revival plan submitted to the aviation regulator by India’s grounded carrier Kingfisher Airlines Ltd is not backed by a clear funding proposal, the country’s aviation minister said on Wednesday.
Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money to banks, airports, tax authorities, plane leasing companies and its staff.
“That is Mr. Mallya’s wish to start, but UB (group) did not say they are going to give anything,” aviation minister Ajit Singh told reporters, referring to the airline’s chairman, Vijay Mallya, and its parent company. “There has to be a concrete plan.”
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First Published: Wed, Dec 26 2012. 02 31 PM IST
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