Sponsored Links
07/17/2018 20 plazas to come up for Brand Khadi...Read More
07/17/2018 Ambani’s new content coup...Read More
07/17/2018 Bajaj Auto unveils its first car, the RE60...Read More
07/17/2018 Godrej Interio partners with Linet for healthcare biz...Read More
07/17/2018 Honeywell Turbo Tech to expand turbocharger portfolio in India...Read More
::News
Polls

FDI in Retail will affects farmer?

View Results

Loading ... Loading ...

The Sahara group will give a loan of more than Rs 250 crore to cash-strapped Kingfisher Airlines, to help the carrier continue operations, a national daily reported on Saturday, citing sources.

Kingfisher, India’s third largest airline by market share, has been struggling to raise funds to continue operations and repay debt.

The carrier, majority-owned by Vijay Mallya controlled UB group, has a debt of about Rs 6,500 crore and its creditors have asked the airline to raise at least $160 million in equity.

“We neither confirm nor deny speculation,” Ravi Nedungadi, group chief financial officer and president of UB Group, was quoted as saying in the report.

Early this year, the Sahara group invested RS 500 crore in Force India for a 42.5% stake and now co-owns the Formula One motor racing team with Kingfisher Airlines Chairman Vijay Mallya.

Spokesmen for both Kingfisher Airlines and Sahara group declined to comment on the report when contacted by Reuters.

Share and Enjoy:
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • Add to favorites
  • LinkedIn

Comments are closed.