Kingfisher Not Shutting Shop, Clarifies Vijay Mallya

Mumbai, Nov 15 (PTI): Battling financial crisis, Kingfisher Airlines chairman Vijay Mallya on Tuesday said he has not asked for a bailout from the government but wants the lenders to help with Rs 700-800 crore working capital as short-term need and interest concessions.

Facing all-round attack from political parties which are opposing any bailout for his airline, Mallya said, "We have not asked for any bailout from government. We have not asked the government to dip into the taxpayers' money. We have never done it, we will never do it."

After announcing the second quarter results, which showed a loss of Rs468.66 crore, he told a press conference that "we are in dialogue with banks to open Letters of Credit which can help us recover debt and repay our high cost rupee loans."

"We have not asked for a concession. We have not asked for a hair-cut. Our demands with the banks are mainly two-folds. One is to meet short-term capital needs which have gone up and concession on interest," he said.

The banks have not told him formally that "we should infuse capital. If there is requirement of recapitalisation or infusion of additional equity, we will consider it."

Mallya also said he has not sought any restructuring of the loan.