Vijay Mallya needs Rs 1,000 crore to re-start Kingfisher Op

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Kingfisher Airline

New Delhi, Jan 22: It seems that Vijay Mallya may have to face difficulties to re-start the functioning of Kingfisher Airline. Aviation minister Ajit Singh on Tuesday, Jan 22 claimed that the airline officials must have to invest minimum Rs 1,000 crore to revamp the operation of the grounded airline.

While interacting with media, Ajit Singh was quoted as saying, "The airline needs at least Rs 1,000 crore for restarting operations."

The airline has failed to receive No Objection Certificate (NOC) from any of the airport operators of the country. However, it has managed to collect NOCs from oil companies, aircraft lessors and maintenance, repair and overhaul (MRO) units to restart operations.

Recently, Directorate General of Civil Aviation (DGCA) has rejected to accept Kingfisher Airline's revival plan citing lack of funding details. Sources informed that the plan did not clarify the doubts regarding any details on the payment of dues to airports and may not guarantee a reliable service.

According to sources, Sanjay Agarwal, chief executive officer of the airline, did not reveal any information regarding any commitment by the airline's parent company, UB Group, chaired by Mr Mallya.

Kingfisher Airline is reported to have discussed the issue with multiple investors to secure a deal for the carrier, informed Mr Mallya.

OneIndia News


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