UB Group Chairman Vijay Mallya on Tuesday said that a foreign investor is keen to pick up stake in Kingfisher Airlines and a formal announcement is expected before the end of this year.
“The prospective investor for Kingfisher Airlines Ltd is a foreigner. I am not at liberty to give further details because of strict confidentiality clauses,” Mallya who is also the chairman of the airline told newspersons on the sidelines of the company’s AGM. “I told the shareholders that I expect this (airline revival) to take some form or shape in about 90 days.
“That is my own estimate. It could be longer or it could be even earlier.”
Mallya said: “The KFA board has requested United Breweries Holding Ltd (UBHL) for continued funding; the UBHL board has considered the matter in the light of the prospective investor and has agreed to provide some funding for KFA.”
“UBHL itself cannot use its own funds that currently it has or its assets because of the restraining order from the Karnataka High Court.
“We have, in fact, applied for court permission to use part of this fund,” he explained.
On revival plan submitted to DGCA, Mallya said: “as I have told the shareholders, we have submitted three different restart plans.
“We have not heard from DGCA. However, we gather informally that they would like to see a full re-capitalisation plan.”