Our Business News

GREATER NOIDA Indian liquor baron Vijay Mallya does not have to do a deal with UK drinks giant Diageo and will not sell prized assets to rescue his grounded Kingfisher airline, he told Reuters at the weekend. Speaking in his office at Force India, the Formula One team he co-owns, the UB Group head poured scorn on media reports that he would be forced to sell stakes in profitable businesses to fund Kingfisher. “That is the media perspective of what I am going to do. I am not so sure that I lack commercial acumen to the extent that I [...]

NEW DELHI Kingfisher Airline’s licence was suspended on Saturday after it failed to address the Indian regulator’s concerns about its operations, forcing the debt-laden carrier to stop taking bookings. Controlled by Vijay Mallya – the self-styled “King of Good Times” – and seven months behind on salary payments among other missed bills, Kingfisher’s fleet has been grounded since the start of the month when a staff protest turned violent. The airline, which has never made a profit since being founded in 2004 and reeling under $ 1.4 billion of debt, will have its licence reinstated if it provides a plan [...]

NEW DELHI Kingfisher Airline’s license to operate was suspended on Saturday after the debt-laden carrier failed to satisfy the aviation regulator’s concerns about its operations. Struggling to pay bills, Kingfisher is seven months behind on salary payments, and its fleet has been grounded since the start of the month after a staff protest turned violent. It has been suspended until further notice, Arun Mishra, director general of Civil Aviation told Reuters. The regulator had asked the carrier why its license to fly should not be canceled for failing to provide a “safe, efficient and reliable service”. (Reporting by Anurag Kotoky; Editing by Dan Lalor)

N India’s Kingfisher Airlines Ltd said it was cancelling several flights on Monday due to employee unrest, in a fresh blow to the ailing carrier and sending its shares down by their daily limit of 5 percent. The airline was cancelling flights on Monday because it feared a number of its employees were unlikely to report for work due to threats from other workers, said Kingfisher, which is owned by billionaire Vijay Mallya. “A section of employees of Kingfisher Airlines has not been reporting for work over the last fortnight and over the past two days, they have been threatening [...]