Kingfisher Airlines Ltd’s largest lender said the cash-strapped Indian carrier should raise at least $1 billion of fresh capital, stepping up pressure on Chairman Vijay Mallya to deliver on promises of new investment.
“We are slightly disappointed at the pace at which the capital-raising plan is going,” State Bank of India Chairman Pratip Chaudhuri told reporters in Gurgaon, near New Delhi, yesterday. “The company has been assuring us that they have been working hard for it, but we would like to see some tangible evidence.”
Kingfisher, which halted flights about five weeks ago, needs to raise new funds this month, Chaudhuri said, without saying how much. He declined to give a timeframe for when the Bangalore-based company needs the full $1 billion. The airline separately reported a wider net loss of 7.54 billion rupees ($139 million) for the quarter ended September.
08/11/12 Karthikeyan Sundaram and Malavika Sharma/Bloomberg
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“We are slightly disappointed at the pace at which the capital-raising plan is going,” State Bank of India Chairman Pratip Chaudhuri told reporters in Gurgaon, near New Delhi, yesterday. “The company has been assuring us that they have been working hard for it, but we would like to see some tangible evidence.”
Kingfisher, which halted flights about five weeks ago, needs to raise new funds this month, Chaudhuri said, without saying how much. He declined to give a timeframe for when the Bangalore-based company needs the full $1 billion. The airline separately reported a wider net loss of 7.54 billion rupees ($139 million) for the quarter ended September.
08/11/12 Karthikeyan Sundaram and Malavika Sharma/Bloomberg
