Move to allow the FDI in domestic airlines is expected to benefit Kingfisher Airlines.
Rating agencies on Wednesday warned against more exposure to debt-ridden Kingfisher Airlines, saying more debt may hit banks' credit profiles and add to the burden of provisions.
"Absolutely not," RBI told reporters when asked to comment on reports suggesting that SBI has agreed to pump more money into the airline. RBI does not oppose "professional decision" of the bank.
For providing the additional level of collateral for its funding needs, the company paid a little over Rs 50 crore (Rs 500 million) to Mallya as 'guarantee and security commission' during the year ended March 31, 2011, Kingfisher has told its shareholders.
As over 40 flights were cancelled across the country on Tuesday, the airline informed DGCA that it had 28 functional aircraft, out of 64 planes in November last.
This reduction is likely to increase the average load factor, currently around 75 per cent, and the yields thereby.
After excluding the shares they have pledged, the promoters hold a meagre 3.55 per cent in the crisis-ridden airline.
About 200 engineers reported sick in April protesting delay in salaries.
Vijay Mallya-led loss-making air carrier Kingfisher Airlines will need to infuse more funds if its wants to stay afloat, its auditors said.
The Centre for Asia-Pacific Aviation also expects India's airlines to post a combined loss of a whopping $1.4 billion, with Air India likely to be the 'worst performer' to report a loss of almost the entire amount of $1.3 billion.
Plans to remove onboard bar to create space.
Getting his bruised Kingfisher Airlines ready for that auspicious occasion is the least of his worries, as Mallya is scrambling to find an equity partner to keep his Kingfisher aloft.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
The treaty can be invoked in a criminal probe case seeking the transfer of persons, including persons in custody, for the purpose of assisting in investigations or giving evidence
The Supreme Court on Monday dismissed a plea of fugitive businessman Vijay Mallya seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.
Kingfisher Airlines, which is reeling under more than Rs 7,000 crore (Rs 70 billion) of debt, owes dues of about Rs 280 crore (Rs 2.8 billion) to the Airports Authority of India.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
Even before the holiday season has begun, all airlines have jacked up their fares on many busy air routes by 10-25 per cent over the past few days.
The government's stated position is that it cannot tailor a bailout package for Kingfisher Airlines alone.
Kingfisher Airlines, struggling to stay afloat, may spin off its ATR fleet and loyalty programme (frequent flier programme) into separate units.
Their success formula was to enter the business at the right time and exit at the opportune moment.
Talks initiated with Indian investors, private equity players.
Thackeray welcomed Bajaj Auto chairman Rahul Bajaj's comments against the proposed bailout of debt-ridden Kingfisher by the government.
On whether the bank will consider making fresh advances to Kingfisher, SBI managing director Hemant Contractor said, "We have to be satisfied about the viability of the company.
Come with full data, put in more equity, get other creditors on board and begin homework for RBI okay: SBI chief.
All these companies were provided loans by PNB as part of consortium lending.
Total income plummeted eight times to Rs 200 crore (Rs 2 billion) from Rs 1,552 crore (Rs 15.52 billion).
The company's net loss widened to Rs 444.26 crore (Rs 4.44 billion) for the quarter ended December 31, 2011, due to high fuel costs and weaker rupee from Rs 253.69 crore (Rs 2.53 billion) in the October-December quarter in the last fiscal.
Shares of State Bank of India plunged sharply by over 8 per cent on Wednesday, on concerns about its exposure to Kingfisher Airlines and reports about public sector lender giving fresh loans to the debt-ridden carrier.
The airline is expected to submit a fresh flight schedule to the DGCA.
Low-cost carrier Kingfisher Red will shut down in four months with the airline group chief Vijay Mallya on Wednesday saying several measures have been initiated to face financial problems caused by high interest burden and burgeoning fuel costs.
Data shows of the 385 companies, which had announced their latest shareholding, fund houses cut their stake in about 200.
Says market share will further increase after induction of Boeing 787 Dreamliners and flights to new destinations.
While higher fuel costs and irrational pricing are key concerns, infusion of funds to retire debt is crucial if Kingfisher Airlines has to improve its financials.
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
Airline may cut its fleet from the existing 64 planes over the next few months.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
Mallya in a tweet distanced himself from an interview that quoted him saying that time was not 'right' to return to the country
