Kingfisher Airlines Chairman Vijay Mallya on Friday said negotiations were on with a domestic investor for infusing funds in his cash-strapped airline.
“That's going on, things do take time, particularly negotiations,” Mr. Mallya told reporters when asked about talks with an Indian investor for investing in Kingfisher Airlines. He, however, did not name the investor.
Kingfisher Airlines has been struggling to keep afloat as it is burdened by mounting losses and debts. It has been cancelling several flights and also suspended operations of its budget carrier Kingfisher Red recently.
It is also struggling to meet its working capital needs, and has sought relief from lenders.
It owes close to Rs.7,060 crore to 14 banks, and they are at present assessing the viability of the airline.
Keywords: Kingfisher Airlines