We're yet to hear from Kingfisher: SBI chief

Tags: News
With barely a week left ahead of the November 30 deadline set by bankers to pump in fresh capital into the grounded Kingfisher Airlines, the lead lender State Bank of India today said it has not heard from the company so far.

"Kingfisher as a company has not given us any information or visibility on capital infusion," SBI chairman Pratip Chaudhuri told reporters on the sidelines of the annual two-day banking summit `Bancon 2012' here.

In an obvious reference to the United Spirit-Diageo deal earlier this month, he said there are reports relating to the group company, but that cannot be a basis for taking a view on the airline.

Late last month, SBI set a November 30 deadline for Kingfisher to bring in fresh capital and produce a comprehensive revival plan.

But airline chairman Vijay Mallya said later that he had no knowledge about any such deadline.

On the day United Spirits sold majority stake to the English liquor major Diageo for over Rs 11,100 crore, Mallya had hinted that the proceeds would not be diverted to the troubled airline, saying "both businesses will be dealt with separately".

The SBI chairman had earlier this week categorically ruled out fresh funds to the airline, which has not been servicing its Rs 7,000-crore working capital and long-term loans taken from 17 banks since January this year.

Banks have been demanding that Kingfisher management pump in at least USD 1 billion of fresh equity.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The budget is sound in logic; the market is too clever by half

    For a man derided by former finance minister P Chidambaram for his knowledge of economics as only sufficient to be scribbled on the back of a postage

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Why higher education needs innovation

India is such a great country that it creates complexity ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture