 Online edition of India's National Newspaper Saturday, Dec 27, 2008 ePaper | Mobile/PDA Version |
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OPTIMISTIC: Chairman and CEO of Kingfisher Airlines Vijay Mallya (right) addressing a press conference along with Vice-Chairman G. R. Gopinath after the company’s annual meeting in Bangalore on Friday. BANGALORE: Private equity players have showed keen interest in investing in Kingfisher Airline and the airline’s plan to raise $400 million is on track, its Chairman Vijay Mallya said here on Friday. “I have confirmed that we are continuing to discuss with certain private equity investors who are showing increasing amount of interest in this investment opportunity,” Mr. Mallya told reporters after the Annual General Meeting of Kingfisher Airlines. He did not talk about the timeframe for the initiative and the extent of equity stake that the airline would dilute by the measure, but added: “There is no reason why private equity investors who had expressed interest when oil (crude prices) was at $100 a barrel, should not be more interested when oil is $36 a barrel.” Asked if the airline is expected to break-even in the next fiscal (2009-10), Mr. Mallya said: “we are certainly optimistic.” If all goes well in the next five days (till December end), the airline should break-even (operationally) in the current month itself when its revenues (passenger, cargo and ancillary revenues put together) are expected to be close to Rs. 500 crore (in December alone). To a question, Mr. Mallya said Kingfisher and Jet Airways were not looking at picking up stake in each other’s company, saying there was no need to go that far. Asked if United Breweries would buy U.K.-based Cobra Beer, which has announced its decision to exit the beer business, he said: “we will study the information memorandum and then decide.” — PTI
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