Gurgaon: State Bank of India, the country's biggest lender, has advised grounded Kingfisher AirlinesBSE 0.47 % to attend to its capital needs urgently, saying it needs to raise at least $1 billion to begin with.
"We have said 'please attend to the capital needs urgently' and we would like to see some tangible progress at least by November 30," SBIBSE 1.32 % chairman Pratip Chaudhuri said on the sidelines of the World Economic Forum in Gurgaon. SBI, the largest lender to the ailing airline, has about Rs 1,200 crore of exposure to the carrier.
Chaudhuri said the banks that have lent to the airline are not interested where the capital is coming from-—whether it is coming from promoter Vijay Mallya, his group company, from within the country or overseas. "We are agnostic about the source, but we would like to see capital infused," he said.
08/11/12 Economic Times
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"We have said 'please attend to the capital needs urgently' and we would like to see some tangible progress at least by November 30," SBIBSE 1.32 % chairman Pratip Chaudhuri said on the sidelines of the World Economic Forum in Gurgaon. SBI, the largest lender to the ailing airline, has about Rs 1,200 crore of exposure to the carrier.
Chaudhuri said the banks that have lent to the airline are not interested where the capital is coming from-—whether it is coming from promoter Vijay Mallya, his group company, from within the country or overseas. "We are agnostic about the source, but we would like to see capital infused," he said.
08/11/12 Economic Times
