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FDI to give new lease of life to Mallya’s Kingfisher

Mirror Bureau

Posted On Saturday, September 15, 2012 at 08:47:11 AM

Kingfisher chairman Vijay Mallya
The government on Friday gave wings to several cash-strapped airlines by allowing 49 per cent FDI in the aviation sector. Kingfisher Airlines promoter Vijay Mallya has been betting on the FDI clearance to bail out his airline from Rs 7,000 crore debt.
 
Aspokesperson from Mallya’s UB Group said that they were pleased with the government’s decisionto allow foreign airlines to invest in the equity of Indian airlines. “This will open up a wide range of opportunities for both Indian carriers and foreign carriers who wish to participate in the strong growth potential for the civil aviation in our country.

Kingfisher will now be able to re-engage with prospective investors in a more meaningful manner and move towards re-capitalisation and ramp up of operations,” the spokesperson said.
 
Kingfisher’s operations had nosedived drastically in the last two years due to its rising debt. There were speculations that Mallya would be forced to sell his properties and sports franchisees to clear the debt.

Confederation of Indian Industry president Adi Godrej said that allowing foreign airlines to invest in India will bring much-needed capital into the industry.

Airing a similar view, Captain G R Gopinath, founder of Deccan Airlines, said, “It is an excellent move. I hope there is no retraction in the policy later.”


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