Vijay Mallya to disclose KF's survival strategy on Mar 27?

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Vijay Mallya
New Delhi, Mar 24: Cash-strapped Kingfisher airlines promoter Vijay Mallya is likely to announce its survival strategy on Tuesday, Mar 27, reports The Economic Times.

Report further said that Mallya will make an announcement related to infusion of equity or entry of a strategic investor to safe the debt-ridden company.

The India's second largest private airlines has been suffering from massive financial crisis since last year with a total debt of Rs 7,057 crore. The carrier's management have repeatedly assured that it is in talks with potential investors, but nothing has materialised to date.

Moreover, airlines has been accused of taking service tax from its customers by selling air tickets and not paying it to the department due to which the service tax department has also blocked over 40 bank accounts for non-payment of dues worth Rs 76 crore of ailing airlines.

The Civil Aviation Minister Ajit Singh has already made it clear that govt will not bail out struggling carrier and it was the responsibility of promoter Vijay Mallya to marshal funds to bring the carrier out of the financial crisis.

OneIndia News

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