Wednesday 25 September 2013

Dr Vijay Mallya, the Chairman of grounded Kingfisher Airlines (KFA), to pay one-month’s salary on ‘humanitarian grounds




Kingfisher Airlines, which has been grounded for almost a year for want of cash, is in talks with a foreign investor for a potential stake sale, Chairman Vijay Mallya said on Tuesday, without naming any investor. Mallya also said that KFA is ready to pay one month’s salary to the now grounded airline’s employees on “humanitarian grounds” “I expect this to take some form or shape in the next 90 days. That is my own estimate,” Mallya told reporters after the company’s annual shareholders meeting. Mallya has said several times in the past that the company was in talks with potential investors, but the plans have not materialised so far. Mallya also said that he plans on restarting the airline and has already send three revival proposals to the DGCA. However, the aviation regulator is yet to respond to the proposals. “We gather informally that they would like a full recapitalisation. In our current discussions with a potential investor, we are focussing on these things,” he added. The airline stopped flying on October 1 last year after employees struck work over not being paid salaries. On October 20, India’s airline regulator, the Directorate General of Civil Aviation, suspended its licence . On December 31, the regulator let the licence lapse after the airline failed to produce a convincing business plan to restart operations. Meanwhile, Kingfisher has requested UBHL board to continue funding the carrier. “UBHL has accepted this in light of the prospective investor. UBHL cannot use the funds it has currently for this purpose, because of the restraining order from the Karnataka High Court. We have in fact replied to the court asking for permission to use the funds and now it is in the hands of honourable court,” said Mallya Mallya also said that he has asked United Breweries Holding ( UBHL) for funds and the spirits major has agreed to pay one month’s salary to Kingfisher’s staff. Mallya also said that the consumer franchise for United Spirits Limited (USL) remains very strong, adding that the integration with Diageo will be done in phases. Vijay Mallya He expects revenues from Diageo to flow in from October. “The board will consider Anand Kripalu’s name for USL MD post,” he told shareholders at the USL annual general meeting (AGM). Reeling under tremendous debt-burden, Mallya, through United Breweries and other group companies, agreed in November to sell stake in United Spirits , India’s largest distiller, to Diageo. Mallya said Diageo will sell USL brands in emerging markets. Also, former Diageo CEO Paul Walsh has joined the USL board, while HDFC managing director Renu Sud Karnad has joined the USL board as a director. Speaking about the company’s sales, Mallya says USL has growth 20 percent in prestige and above liquor segment.



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