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Vijay Mallya not to sell family silver to save Kingfisher


Vijay Mallya
New Delhi, Oct 28: Vijay Mallya - the King of Good Times, who has lost his billionaire tag, seems least bothered about crisis laden Kingfisher Airlines (KFA) which has been grounded. The industrialist-cum-politician on Sunday, Oct 28 overruled all speculations saying that he would not sell his family properties to fund the national carrier.

Reacting against media reports on Mallyas' plans of selling properties, the UB Group Chairman said, "...that is the media perspective of what I am going to do. I am not so sure that I lack commercial acumen to the extent that I would sell a hugely thriving, successful business to take the cash and put it into an airline in an environment such as India."

Senior Mallya, who is back to the country to attend Indian Grand Prix which has been held Buddh International Circuit (BIC) in Greater Noida, also added, "My group is sufficiently cash-generative to fund the airline as we have done. We have put almost 150 million pounds since April 2012 into the airline. But that has not meant that I have had to sell my family silver to fund the airline."

"Selling assets to fund the airline? No plans of that nature whatsoever," asserted Mr Mallya while overruling all rumours surrounding his plans to fund the airlines.

Directorate General of Civil Aviation (DGCA) suspended the airlines' flying license following continuous disfunctions of the airline activities over several dispute between its employees and management.

Speculations over Mallyas plan to sell "family silver" to fund KFA surfaced when the airline management on Saturday informed DGCA that UB Group would infuse fund into KFA.

OneIndia News

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