Kingfisher Airlines is in talks with private equity groups over securing a $400 million (£238.4 million) investment for the cash-strapped Indian carrier, the head of the business said today.
Vijay Mallya, the Bangalore-based aviation-to-liquor tycoon who also owns the Kingfisher beer brand, is under immense pressure to raise funds for his airline, which has struggled to pay its fuel bills and the contractors it relies on to maintain its planes in recent months.
Most of his rivals are in similarly pressed circumstances: India’s domestic aviation industry has recorded collective losses of about $2 billion in the past year amid a glut of overcapacity.
Mr Mallya said today that he hoped to raise part of the cash he needs from a private equity investor. “The current