Kingfisher says has no overdues to oil mktg cos

Kingfisher says has no overdues to oil mktg cos

New Delhi: Kingfisher Airlines Ltd does not have any “overdues" to oil marketing companies, chairman Vijay Mallya said on Thursday.

“We have given them (oil marketing companies) a lot of money," Mallya told reporters on the sidelines of an industry conference.

“So we do not have any overdues," he said, without elaborating further. He also said all fund raising plans, including for an issue of gross depository receipts, were on track, but did not give more details.

On 31 Aug, the second-largest Indian private-sector carrier said its board approved raising up to $1 billion to pare high debt.

Kingfisher, which operates around 380 flights a day, has about $1.5 billion of outstanding debt, analysts estimate.

The airline is controlled by United Breweries Holdings Ltd.

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