Wanted change in policies, not loans, says Mallya

Blaming government policies and economic conditions for the collapse of Kingfisher Airlines (KFA), absconding liquor baron Vijay Mallya said on Saturday that public funds were used to bail out state-owned Air India, but not what was then the “largest domestic airline.”

Defending himself in a string of tweets, Mr. Mallya said all he sought was help related to policy change and not loans, questioning “public funds given to Air India“.

“KFA collapsed with oil at $140 per barrel and State sales tax on top of rupee devaluation. No FDI engine failures. Economic depression. Need more?” he asked in a tweet.

He further said: “And KFA being the largest domestic airline was the worst hit. Government bailed out Air India, but did not bail out KFA. So much for “favours”.” Mr. Mallya said he sought policy changes that he did not get, which hurt his airlines.

‘Begged for help’

He tweeted that he “begged for help” and not for loans, but policy changes — declared goods status for fuel, flat rate of State sales tax instead of ad valorem, FDI.

Claiming that KFA was “India’s largest and finest airline”, he said, “It sadly failed purely due to economic and policy situations. I am humble enough to say sorry to employees and all stakeholders everyday. I really wish government helped.”

Claiming that his core alcohol businesses were “severely controlled” by the government, Mallya said he “was not allowed to even downsize KFA due (to) employment and connectivity“.

Defending his lavish lifestyle even after sinking ₹4,500 crore into KFA, Mr. Mallya said “if my lifestyle was lavish, it was for two decades before KFA was even born.” — PTI