Millennium Post

‘Kingfisher news positive as money will now flow in’

Commenting on news reports of Vijay Mallya’s United Breweries’ takeover by UK-based Diageo, SBI chairman Pratip Chaudhuri  said, ‘We made full provisioning in case of Kingfisher Airlines and in its case, the merger news is positive as money will be flowing in and we have a Rs 1,200 crore exposure in regard to the airline. We are absolutely agnostic as to where the money is coming from (for Kingfisher Airlines).’

To persistent media queries about Kingfisher airlines and SBI, he described the airline business as being difficult and needing big, deep pockets. ‘Swissair went bankrupt and there is a need for promoters – like Air India – who have deep pockets to help out. As a policy, we don’t give unsecured loans.’
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