Indian airline seeks rescue package from foreign carriers
India’s Kingfisher Airlines is pressing the Indian government to relax rules on foreign ownership to pave the way for a potential rescue package for the debt-laden carrier.
It claims it is already in talks with two foreign carriers keen to take minority stakes in the airline, which has not made a profit since its launch in 2005.
Kingfisher’s owner, Indian liquor baron Vijay Mallya, refused to name the airlines but India’s newspaper The Times suggested British Airways’ parent IAG might be interested. IAG refused to comment.
Abu Dhabi-based Etihad is also believed to be keen to discuss a tie-up with Kingfisher, which needs an immediate cash injection to remain solvent, but it did not confirm its particular interest at this stage.
Kingfisher has already cut its fleet from 28 to 64 aircraft and many of its pilots have left because they have not been paid.
Mallya, who controls 58% of Kingfisher, told The Times the government had provisionally approved a change in the law to allow foreign airlines to own up to 49% of an Indian airline for the first time.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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