Mumbai: Kingfisher Airlines, which has cancelled all its flights through Thursday, hasn't paid salary to its employees for the past seven months and stares at a prolonged shutdown, is in talks with foreign airlines and non-airline investors for a possible stake sale to ride out of the crisis, says its CEO Sanjay Aggarwal.
While Aggarwal maintains that Kingfisher is the best bet for a foreign airline to put money in after the government allowed 49 per cent foreign direct investment (FDI) in aviation, overseas carriers are skeptical about investing in the heavily- indebted Kingfisher, which is now the smallest among the six main airlines in India. Last year, it was the No. 2 airline in terms of market share.
"We still are a viable business," said Aggarwal, strain showing on his face. "Now that the FDI policy has come in, efforts are on to recapitalise the airline, and we are in talks with foreign airlines and non-airline investors," he said, while admitting that his immediate priorities are to get the airline flying and paying salaries.
04/10/12 Economic Times
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While Aggarwal maintains that Kingfisher is the best bet for a foreign airline to put money in after the government allowed 49 per cent foreign direct investment (FDI) in aviation, overseas carriers are skeptical about investing in the heavily- indebted Kingfisher, which is now the smallest among the six main airlines in India. Last year, it was the No. 2 airline in terms of market share.
"We still are a viable business," said Aggarwal, strain showing on his face. "Now that the FDI policy has come in, efforts are on to recapitalise the airline, and we are in talks with foreign airlines and non-airline investors," he said, while admitting that his immediate priorities are to get the airline flying and paying salaries.
04/10/12 Economic Times
