rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Kingfisher revival plan has no clear funding proposal

Kingfisher revival plan has no clear funding proposal

December 26, 2012 14:40 IST

A revival plan submitted to the aviation regulator by India's grounded carrier Kingfisher is not backed by a clear funding proposal, the 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."

Anurag Kotoky in New Delhi
Source:
© Copyright 2014 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.