Kingfisher denies seeking govt bailout | india | Hindustan Times
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Kingfisher denies seeking govt bailout

india Updated: Nov 15, 2011 22:26 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Vijay Mallya on Tuesday said he has not asked for any bailout from government but only wants lenders to provide Rs 800 crore as working capital in the short-term.

"We have not asked for any bailout from government," said Mallya. "We have not asked the government to dip into the taxpayers' money. We have never done it, we will never do it."

The company has till now not defaulted even once to bankers and has to repay the said debt to banks within next nine years, he said. The company was in dire need of working capital, he said, adding, it was not looking to restructure any loans.

"We have not asked for a concession (from banks)," Mallya said. "We have not asked for a haircut. Our demands with the banks are mainly two-folds. One is to meet short-term capital needs which have gone up and concession on interest."

The speculation for a bailout for Kingfisher follows similar reports of the government considering a Rs 26,000-crore bailout package for ailing national carrier Air India (AI) through a mix of debt transfer and equity infusion.