Mallya outlines revival plan for Kingfisher, shares surge
The chairman has outlined plans for a revival of the airline to be funded with Rs 650 crore from his UB Group
Reuters
Mumbai: Shares in grounded carrier Kingfisher Airlines jumped as much as 9.7 percent on Thursday after a letter sent to staff from Chairman Vijay Mallya outlined plans for a revival to be funded with Rs 650 crore from his UB Group.
Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, filed its plan, which included the same funding amount from UB, to regulators in late December. Kingfisher, once India's second-largest airline, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others. The airline has tried unsuccessfully for more than a year to bring in new investors.
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