The promoter of the grounded Kingfisher Airlines - Vijay Mallya - has been planning to
relaunch it, sources said on Wednesday.
According to Kingfisher management sources, Mallya has been hopeful of an infusion of Rs 800 crore by a foreign entity, while the talks with UK-based Diageo Plc were still on.
After remaining grounded for over six months, Kingfisher Airlines had recently sought
regulatory approvals to relaunch its operations and submitted plans to the DGCA on infusion of funds and revival of its flights.
Mallya, who is also the promoter of United Spirits Ltd (USL), had signed a deal with Diageo to sell his controlling stake in the company. Diageo would also pick up another 26 per cent through mandatory open offer.
Kingfisher's flying licence was suspended by the DGCA in October 2012 and it later lapsed in December after the airline was grounded following a strike by its employees, including pilots, over non-payment of dues.
The company owes an estimated Rs 13,582 crore to various banks, staff, airport operators and oil companies.
On Tuesday State Bank of India (SBI) chairman
Pratip Chaudhuri had said that the banks would continue to sell pledged shares of Kingfisher Airline and invoke all other securities till they get back the dues. SBI is the leader of consortium of lenders to the grounded airline.
The airline promoters had recently unsuccessfully asked the Bombay High Court to prevent the banks from selling pledged shares.
- With inputs from Headlines Today and Agencies 
A file photo of Vijay Mallya 
Special 
