'Save Kingfisher Air for J&K Bank's sake'

Feb 21 2012, 19:33 IST
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SummaryOmar Abdullah expressed hope that the Centre and his govt save Vijay Mallya's airline.

Jammu and Kashmir Chief Minister Omar Abdullah today expressed hope that the Centre and his government will work out a mechanism to improve the financial health of cash-strapped Kingfisher Airlines.

"I am hopeful that the Centre and state government together will work out some mechanism (to improve the financial health of Kingfisher)," he told reporters on the sidelines of a function in Magam, 20 km from Srinagar.

"The state has an interest in the financial health of Kingfisher as its leading bank - Jammu and Kashmir Bank (J&K) – is also a lender to the airline. Therefore, any distress suffered by Kingfisher will impact the bank as well," Omar said.

The state government owns 51 per cent stake in Jammu and Kashmir Bank.

On the Centre refusing a bail-out to the beleaguered Kingfisher, unlike Air India, Omar said there was a difference between a "flag carrier and a regular carrier".

"Kingfisher is not the only airline in distress," he said.

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