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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.

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