Reliance Industries on Wednesday denied the reports that it is in talks to buy a stake in
Kingfisher Airlines. Speculation on possible stake buyout of the cash-strapped airlines are the result of the reports in the media that Reliance might make a financial investment or pick up a stake through a preferential offer by the carrier, which could be followed up by an open offer to public shareholders.
Kingfisher Airlines is battling a financial crisis in the wake of flight cancellations and pilots exodus. The airlines chairman Vijay Mallya on Tuesday had made a
request to its lenders to help with Rs 700-800 crore working capital as short-term need and interest concessions.
He, however, ruled out the airline's closure and said he has not asked for a bailout from the government.
HIGHLIGHTS FROM THE PRESS MEET ON KINGFISHER REVIVAL PLAN Mallya had said on Tuesday:"Kingfisher Airlines cancelled flights not because we could not afford to, but because some of them were not commercially prudent".
He also advocated for foreign direct investment (FDI) to help the aviation industry come out of the difficult situation it has been going through.
Talking about the airline's revival plan, the billionaire had said "aircraft reconfiguration will give us incremental revenue generation opportunities".
PERSPECTIVE: Kingfisher hits an air pocket The cash-strapped airline is also planning to directly import jet fuel to cut costs.
"We have applied officially to the ministry of commerce for direct import of fuel, and if we import fuel directly for our own use we become an actual user, and therefore, we don't pay sales tax," Mallya said.
With agency inputs
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