Kingfisher seeks nod for foreign stake sale

Kingfisher seeks nod for foreign stake sale

Mumbai: Kingfisher Airlines has requested the government to allow foreign airlines to buy up to 25% in Indian carriers, and said foreign airlines have expressed interest in buying a stake in it.

India does not allow foreign carriers to invest in local airlines. Kingfisher’s request comes as losses mount for Indian carriers in a difficult operating environment.

“I believe aviation should be treated as per international norms and other industry sectors where strategic investors can invest," chairman Vijay Mallya said in a statement.

“I have received several expressions of interest from foreign airlines. However I cannot give details."

The global financial crisis and falling stock markets has made fundraising difficult for Indian carriers, who are expected to collectively post a loss of nearly $2 billion in the year to March 2009.