Kingfisher trademarks to be auctioned, base price fixed at Rs 366 crore
The base price for the trademarks has been fixed at Rs 366.70 crore and will be auctioned online on April 30, SBICap Trustee Company said in a public notice on Tuesday. Bids have to be submitted before 5pm on April 28.business Updated: Mar 30, 2016 10:04 IST
Lenders to the defunct Kingfisher Airlines (KFA) will auction the company’s trademarks, including the brand value of the ‘Kingfisher’ bird logo, in an effort to recover dues worth around Rs 9,000 crore from its promoter Vijay Mallya.
The base price for the trademarks has been fixed at Rs 366.70 crore and will be auctioned online on April 30, SBICap Trustee Company said in a public notice on Tuesday. Bids have to be submitted before 5pm on April 28.
The nine trademarks put on the block include the famous flying bird logo which was adopted from the UB Group’s iconic Beer brand.
The others trademarks that will be put up for auction include the tag lines ‘Fly the Good Times’, ‘Funliner’, ‘Fly Kingfisher’ label in addition to the brand name and the logo which have been separately copyrighted by Kingfisher.
Of the nine trademarks to be auctioned, four are registered and valid up to January 10, 2017.
KFA had pledged the trademarks as collateral with the banks while taking loans.
The banks are fighting more than 20 cases against the airline to recover the loans worth Rs 7,000 crore, whose interest and non-payment have increased the dues to about Rs 9,000 crore.
The banks, headed by State Bank of India, are already in the process of selling other assets and attempting all legal means to recover the loans.
Earlier this month, they attempted to sell the 17,000 sq ft Kingfisher House, located near the Mumbai airport, but failed to receive any bids as the base price of Rs 150 crore was perceived to be too high.
The KFA brand was valued at Rs 4,100 crore by Grant Thornton at its peak when it was close to being the largest private airline in the country with international flights to the UK. But with the airline being grounded for over three years the brand has suffered.