PTI

New Delhi, Nov 17: Kingfisher Airlines boss Vijay Mallya on Monday said he has been approached by international carriers for a stake in his airline, and asked the government to first lift the bar on foreign shareholding in airlines.

"Kingfisher can't sell 25% to any airline until the government permits it. That does not stop people from expressing interest," he told reporters on the sidelines of the India Economic Summit here.

Allowing foreign airlines and strategic investors to hold up to 25% stake in Indian airline companies is among the many demands submitted to the government by the Federation of Indian Airlines, a lobby group of the civil aviation industry, Mallya said.

"This is because they (carriers) will value much better and in a fairer manner than a pure equity investor."

He, however, refused to share details on which airline has approached him. "I have received several Expressions of Interest from foreign airlines as the Kingfisher network is unparalleled. However, I cannot give details."

"I have requested the government to allow foreign airlines to acquire up to 25%... as I believe aviation should be treated as per international norms," he said.

The current policy allows FDI up to 100% in other areas of aviation like developing of greenfield airports or in cargo and maintenance, repair and overhaul facilities.

Kingfisher last month joined hands with Jet Airways to drastically reduce operational costs by sharing engineering, ticketing, ground handling and other services and both are trying to raise about USD 400 million to come out of the red.

On allowing foreign investment in the sector, cabinet secretary K M Chandrasekhar had recently said that there was no such plan in the immediate future.