Kingfisher must be saved: Moily

Kingfisher must be saved: Moily

Amid criticism from all quarters, beleaguered airline Kingfisher's promoter Vijay Mallya on Tuesday got some sympathy from Corporate Affairs Minister Veerappa Moily who said the carrier “has to be saved”.

"Of course he (Vijay Mallya) has met me because he hails from Karnataka... That (Kingfisher) has to be saved. He has to work out a strategy that will be acceptable to the Finance Minister and his ministry. He has a vibrant airline. And it has given excellent service... I wish him well," Moily said.

The airline, which has an outstanding debt of over Rs 7,057.08 crore (according to the latest figures), has requested the consortium of lenders, led by SBI, for a working capital support of Rs 200-300 crore.

“As the Corporate Affairs Minister, we want corporate bodies to build and come up and not wound up... Something has to be done. He (Mallya) has to work out a strategy... The entrepreneur has to take proactive measures so that is acceptable to banks and others".

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