Kingfisher in talks with domestic investor, says Vijay Mallya

Kingfisher Airlines Chairman VijayMallya on Friday said negotiations are on with a domestic investor for infusingfunds in his cash-strapped airline. He however did not name the investor.

"That's going on, things do take time, particularlynegotiations," Mallya told reporters when asked about talks with an Indianinvestor for investing in Kingfisher Airlines.

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Kingfisher Airlines has been struggling to keep afloat as itis burdened by mounting losses and debts. It has been cancelling severalflights and also suspended operations of its budget carrier Kingfisher Redrecently.

Kingfisher is also struggling to meet its working capitalneeds, and has sought relief from lenders. It owes close to Rs 7,060 crore to14 banks, and they are at present assessing the viability of the airline.

To a query on how talks with lenders were progressing, hesaid, "That's an ongoing process in Mumbai. We are on the job, It willtake whatever time it needs to take".

Kingfisher reported a net loss of Rs 469 crore for theSeptember quarter, though there was a 10.2 percent rise in revenues at Rs 1,528crore.

The loss was on account of massive spike in aviation fuelprices, and inability to hike fares due to the competition.