‘Mallya is ready to inject Rs 425 cr into Kingfisher’
19 Dec 2012 4:47 AM IST
Kingfisher promoter Vijay Mallya is ready to infuse Rs 425 crore into the airline and restart its limited operations as soon as DGCA gives a go-ahead, the lead lender to the grounded carrier State Bank of India (SBI) said on Monday.
SBI Deputy Managing Director for mid-corporates Shyamal Acharya, after a meeting with the top management of the airline here in the evening, said that Mallya, however, did not give any timeline for fund infusion or restart of the operations.
Apart from Mallya, the meeting was attended by group Chief Financial Officer Ravi Nedungadi and airline CEO Sanjay Agarwal from the airline’s side while the 17-member lenders’ group was represented by mid-level managers.
Acharya added that Mallya did not ask for any fresh lending, saying that the promised Rs 425 crore would come from his own resources. He also said that Mallya did not reveal the name of investors/ airlines that he is in discussions with.
SBI has a non-standard exposure of Rs 1,500 crore to the carrier.
Acharya further said that lenders have constituted a group of representatives from SBI, Punjab National Bank (PNB), Bank of Baroda (BoB), Bank of India and IDBI Bank to discuss the limited operations.
The first meeting of the group may take place within a few days.
SBI Deputy Managing Director for mid-corporates Shyamal Acharya, after a meeting with the top management of the airline here in the evening, said that Mallya, however, did not give any timeline for fund infusion or restart of the operations.
Apart from Mallya, the meeting was attended by group Chief Financial Officer Ravi Nedungadi and airline CEO Sanjay Agarwal from the airline’s side while the 17-member lenders’ group was represented by mid-level managers.
Acharya added that Mallya did not ask for any fresh lending, saying that the promised Rs 425 crore would come from his own resources. He also said that Mallya did not reveal the name of investors/ airlines that he is in discussions with.
SBI has a non-standard exposure of Rs 1,500 crore to the carrier.
Acharya further said that lenders have constituted a group of representatives from SBI, Punjab National Bank (PNB), Bank of Baroda (BoB), Bank of India and IDBI Bank to discuss the limited operations.
The first meeting of the group may take place within a few days.
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