Mallya to infuse Rs 425 cr into Kingfisher: SBI
The consortium of bankers, led by State Bank of India (SBI), is not against another restructuring of the loan if they are satisfied with the details of the restart plan. In a meeting with its lenders in Mumbai on Monday, Mallya laid out his plans for the airline and said that he was not looking for funds from the banks.
“They have a plan for a limited restart,” said Shyamal Acharya, deputy managing director, SBI. “For the limited restart they feel that they need Rs 425 crore which they will manage themselves and they are working with DGCA on the restart.” While the DGCA requires at least five aircraft for an airline to start operations, Acharya said that they may start with a certain number and go up within 3-4 months. The banking consortium has also formed a small group of bankers (SBI, BoI, BoB, PNB and IDBI) to discuss the details of the limited restart plan with the airline.
“If the limited restart takes place as he discussed, and if the small group of bankers is satisfied with the details of that restart plan then we are not averse for a restructuring,” said Acharya after the bankers