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Kingfisher to Exit Low-cost Airline Operation, Raise Capital

  •   Wed, Sep 28 2011 03:00:34 PM

Bangalore, Sep 28 (IANS): Industrialist Vijay Mallya Wednesday announced the exit of his spirits-to-aviation group from Kingfisher Red, the low-cost airline operations.

He said a Rs.2,000 crore rights issue will be pursued to spruce up the financials.

"Yes, we are doing away with Kingfisher Red. We don't intend to compete in the low-cost segment. But all is not gloom and doom," Mallya said at a press conference here soon after informing shareholders on the latest cost-cutting and revenue generating measures.
  

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Title: Kingfisher to Exit Low-cost Airline Operation, Raise Capital



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