Airport: high-level meet on Monday

Delay in land acquisition for expansion to be discussed

A high-level meeting will be convened in the capital city on Monday by the Union Ministry of Civil Aviation to discuss and overcome the hurdles being faced in taking up further development of the Thiruvananthapuram International Airport.

The meeting, to be convened at the initiative of Union Minister of State for Civil Aviation K.C. Venugopal, will be attended by Chief Minister Oommen Chandy, Union Minister of State for Human Resource Development Shashi Tharoor, and Airports Authority of India (AAI) chairman V.K. Agarwal.

The delay on the part of the State government in acquiring and handing over land for the proposed domestic terminal and the future of the Thiruvananthapuram Airport Development Society, which has become defunct, will come up at the meeting, a top AAI official told The Hindu.

Besides the Tourist Visa on Arrival (T-VoA) facility, the issues facing the Maintenance Repair Overhaul (MRO) facility of Air India Charters Ltd. and Rajiv Gandhi Institute of Aviation Technology will figure in the meeting to be attended by Minister for Airports and Ports K. Babu, Health Minister V.S. Sivakumar, and Mayor K. Chandrika.

The proposal put forward by Airport Director V.N. Chandran to develop the premier airport of the State as a multi-nodal hub and to create Aeropolis is also expected to be discussed in the meeting. The high-level meting, the first in the capital after Mr. Venugopal took charge of Civil Aviation, will discuss the flight operations of the Air India Express, the low-cost arm of Air India. Joint Secretaries in the Union Ministry of Civil Aviation Alok Sinha and Ashok Kumar will attend the meeting.

http://www.thehindu.com/news/cities/Thiruvananthapuram/airport-highlevel-meet-on-monday/article4228534.ece

 

German bank sues DGCA, Kingfisher Airlines

Germany's DVB Bank SE has sued aviation regulator Directorate General of Civil Aviation (DGCA) and Kingfisher Airlines to have two planes it financed for the troubled carrier deregistered, a possible first step towards recouping its funds.

The case underlines the problems that leasing firms and financing companies face in recovering grounded planes from Kingfisher, as airports, banks and tax authorities scramble for the crisis-hit carrier's assets.

International Lease Finance Corp (ILFC) - owned by U.S. insurer AIG - is also struggling to take back Kingfisher planes it owns, one of which, an Airbus A-320, has been impounded by tax authorities for non-payment of dues by the carrier.

The DGCA must deregister the DVB-financed Airbus planes, now parked in Istanbul, before the bank can put them to use or lease them out.

"Our main trouble really is with the DGCA, which should deregister the aircraft," Carsten Gerlach, senior vice president of aviation finance at DVB, told Reuters.

"We have now filed a writ petition at the High Court in Delhi against DGCA and also Kingfisher, strictly focused on deregistration," Gerlach said by phone from Frankfurt.

However, the DGCA argues that those aircraft were not financed by DVB alone, so deregistering them would make the DGCA answerable to other financiers, who are also trying to recover their money, according to a senior government source with direct knowledge of the situation.

The DGCA and Kingfisher did not respond to requests for comment.

Meanwhile, leasing company IFCL has also asked the DGCA to deregister four Kingfisher-operated planes, but it faces separate obstacles.

These planes include an Airbus A-320 parked at Mumbai airport that was impounded by tax authorities last week after the carrier failed to settle long-pending dues.

"People just go the airport, see a plane in Kingfisher colours, and stake their claim on it," the source said, referring to the tax authorities' impounding of the Airbus.

"What they don't understand is that the plane may not belong to Kingfisher at all."

Kingfisher, owned by flamboyant liquor baron Vijay Mallya, has hit back at the tax authorities' actions, saying it is illegal for authorities to seize aircraft that are owned by foreign lessors.

"This will send a very wrong signal to any foreigner who wishes to do business in the aviation industry in India," the airline said in a statement last week.

Kingfisher has 33 scheduled passenger planes registered in India, according to data from the DGCA. It had a fleet of 64 a year back, when it was India's No. 2 carrier by market share.

It is saddled with a combined debt load of $2.5 billion, according to one estimate, and has not paid salaries for months.

Kingfisher, which has not flown since October, had its license suspended in October after months of canceled flights and staff walkouts.

http://in.reuters.com/article/2012/12/21/india-kingfisher-lessors-dvb-dgca-idINDEE8BK09H20121221

Why take over our land now, residents ask AAI

Residents of Kolapakkam that abuts the western end of the extended secondary runway of Chennai airport want answers from airport authorities.

They are up in arms against the proposal of the Airports Authority of India (AAI) to acquire more land for the secondary runway. A year after its completion, the extended runway is yet to be operational.

AAI cites problems over land acquisition near Kolapakkam and nearby areas as one of the reasons for the delay. But what does AAI propose to do with additional land at this stage, residents demand to know.

In yet another attempt to protect their land, a section of residents of Kolapakkam met L. Sitherasenan, district collector of Kancheepuram, on Friday morning.

“The AAI has done well by abandoning its earlier plan of creating a runway parallel to the existing primary runway, thereby avoiding acquisition of land in residential localities. The plan for extension of the secondary runway was intended to avoid any damage to property. But now, why does AAI want to acquire land when there is absolutely no necessity for it?” said Mani, a pensioner, who moved here more than a decade ago, from Mylapore.

According to him, a few hundred families in Kolapakkam have been in agony in the recent past, especially after announcements that a further patch of land would be required to extend the already-extended secondary runway.

“There is a proposal pending with the State government to build a greenfield airport near Sriperumbudur. The existing primary runway at Chennai airport is big enough to handle wide-bodied aircraft. The secondary runway could have been improved just enough to reduce waiting time of flights,” said R.J. David, a resident of Maxworth Nagar.

Residents of Maxworth Nagar, who prepared an elaborate presentation of some visible goof-ups in the runway extension project, said none of the ground work — be it identifying and surveying the land needed or even presenting the basic objective — was ever presented clearly to them, by any agency in charge of the project.

The residents had, at various stages, presented their grievances to the government — the Kancheepuram district administration and the Chief Minister’s cell — with facts backing their claims, a representative said.

According to Mr. David, it was time the AAI dropped its insistence of acquiring further land and save more than 100 families from losing their property. It should also commence operation on the extended secondary runway without further delay, he said.

http://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/why-take-over-our-land-now-residents-ask-aai/article4227929.ece

Aircraft to wait longer to take off from secondary runway

Officials cite land acquisition problems for the delay

The project to extend the secondary runway across the Adyar River in Chennai seems to have nosedived and is awaiting a fate similar to most other massive infrastructure projects in the country.

The Chennai airport has two runways — the primary one that runs parallel to GST Road, and the secondary one that runs perpendicular to it.

A note from Chennai Metropolitan Development Authority (U.O. Note No. R1/1363/2006) circulated among local bodies in 2006 spoke of a land plan schedule for areas to be ‘covered under the proposed airport restructuring and modernisation’ plan. The proposal included, among other things, creation of a new runway parallel to the existing one and diagonal to the secondary runway, and also re-routing a sizeable length of the Adyar River to make way for the same.

After The Hindu wrote about AAI’s plans to acquire land over 600 acres in Anakaputhur, Pammal, Pozhichalur and Gowl Bazaar areas by demolishing thousands of residential settlements, it resulted in a prolonged people’s movement with support from various political parties. With the second runway running parallel to the existing one being dropped due to public outcry, it was decided to go in for extension of the secondary runway from its length of a little over 2,000 metres to more than 3,400 metres thus avoiding the technically challenging and extremely difficult task of re-routing the Adyar. Nevertheless, the secondary runway’s extension required a portion of it to be built as a bridge across the river.

The secondary runway expansion project’s estimate was pegged at nearly Rs. 450 crore, with the bridge alone requiring around Rs. 425 crore, according to sources at the Chennai Airport. Work began in 2009 and was to be made operational by the end of 2011, but even now, despite completion of the extended runway, there are no signs that it will be made operational soon.

Airport authorities have blamed the delay on making it operational on account of many reasons, including those pertaining to land acquisition needed beyond the existing compound wall of the completed portions.

http://www.thehindu.com/todays-paper/tp-national/aircraft-to-wait-longer-to-take-off-from-secondary-runway/article4227928.ece

Male airport: Malaysia too seeks quick compensation

GMR had 77 % stake in project; Malaysia’s MAHB 23 p.c.

Malaysia, which was at the receiving end of Maldives’ decision to cancel the Male airport project along with the Indian company GMR, has sought quick implementation of the Singapore court order that includes compensation and damages.

Like India, Malaysia also feels that the Maldives government should not mix two different issues — pure assessment of contract and legal steps taken and other political reasons behind the contract termination. The Malaysian Foreign Minister’s “take away was more or less the same understanding that we have that there were two separate issues and we would rather have two issues not confused or converged,” External Affairs Minister Salman Khurshid told journalists about his meeting with his Malaysian counterpart Anifa Bin Aman on the sidelines of the India-ASEAN summit.

The convergence of views by both countries on quick compensation comes a couple of days after Maldivian Attorney General Azima Shukoor said Male could seek compensation from GMR because “we terminated the agreement on the grounds of void ab initio [void from the outset], therefore we will begin the negotiation on the position that the government of Maldives does not require to pay back anything.”

This appeared to run counter to Maldives President Mohd. Waheed stating to The Hindu that this was up to the arbitration to decide. GMR had 77 per cent stake in the project to upgrade and operate the airport and the Malaysian government-owned MAHB the remaining 23 per cent. GMR has sought a compensation of $800 millions for the sudden cancellation of the project that was awarded by the previous government. Malaysia has come away with a letter from the Maldives authorities that quality of performance was not the reason for the cancellation of the contract, Mr. Khurshid said.

---

·  We would rather have two issues not confused or converged: Salman Khurshid

·  Quality of performance was not the reason for cancellation: Maldives authorities

http://www.thehindu.com/todays-paper/tp-national/male-airport-project-malaysia-too-seeks-quick-compensation/article4227714.ece

Flight makes emergency landing after bird-hit

A Delhi-bound Jetlite flight with 142 people on board, including Union Minister for Development of North East Region Paban Singh Ghatowar and two Assam Ministers, made an emergency landing following a bird-hit at Mohanbari airport here on Friday.

Hit by an eagle

The Dibrugarh-Guwahati-Delhi S2-4392/9W 7082 flight was hit by an eagle soon after take-off and the pilot made an emergency landing, airport officials said here.

Wings damaged

Besides Mr. Ghatowar, the passengers included Assam Revenue Minister Prithibi Majhi and Assam Culture Minister Pranati Phukan, and six crew members.

The wings of the aircraft have been damaged and it has been grounded at the airport with its onward journey cancelled for the day.

http://www.thehindu.com/todays-paper/tp-national/flight-makes-emergency-landing-after-birdhit/article4227696.ece

Etihad keeps Kingfisher, Jet Airways guessing; deal may be sealed soon

MUMBAI: As Jet AirwaysBSE -7.03 % and Etihad huddled in talks over the weekend, the Abu Dhabi-based Etihad Airways' decision on its Indian partner has reached a critical stage. Etihad is likely to be the first foreign carrier to make an investment into Indian aviation sector after the government allowed foreign airlines to partner with Indian companies.

The middle-east carrier kept Jet Airways and Kingfisher AirlinesBSE -1.43 % guessing even as it picked up a 70 per cent stake in Air Berlin's flier miles programme for over Rs 1,000 crore on Wednesday. According to a source in Kingfisher Airlines, the Etihad management , under CEO James Hogan, had indicated that the management will decide on a possible investment in Indian aviation sectorvery soon.

Kingfisher top brass is still waiting, giving credence to the buzz that Etihad may lean towards Jet Airways as its Indian partner. "We have not heard anything. We are waiting. If the decision goes in favour of Jet Airways, then we would think that Kingfisher was used as a ploy to beat down Jet Airways' valuation," said a senior Kingfisher official, not wanting to be identified. At the stock bourses, the investors were disappointed in the absence of news for the second consecutive day.

The shares of Kingfisher and Jet fell. Jet Airways saw its share price plunge 7.03 per cent, or Rs 42.85, to Rs 566.50 a share. KFABSE -1.43 % fell 1.43 per cent to Rs 15.21 a share. Etihad warmed towards Kingfisher after a deal between United SpiritsBSE -2.67 % with spirits maker Diageo was announced, a source at Kingfisher Airline said.

The move to engage with Kingfisher was done after the middleeastern carrier engaged with Jet to buy an equity stake. A Jet Airways source confirmed that Etihad is still in talks, but is taking time for talks to fructify.

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/etihad-keeps-kingfisher-jet-airways-guessing-deal-may-be-sealed-soon/articleshow/17717254.cms

Air India to bring Agra on its network

Air India said on Friday it will start flight operations from Delhi connecting Varanasi, Agra and Khajuraho from December 26.

The flight AI 406 will operate on Mondays, Wednesdays and Fridays on Delhi-Varanasi-Agra-Khajuraho route and the return flight, AI 405, will fly from

Khajuraho to Varanasi and terminate at Delhi, it said in a statement.

Flight AI 406 from Delhi to Agra will depart Delhi at 1245 hours and reach Varanasi at 1400 hours, take off from Varanasi at 1435 hours and reach Agra at 1530 hours, leave Agra at 1605 hours to reach Khajuraho at 1645 hours.

The return flight AI 405 will leave Khajuraho at 1720 hours and arrive in Varanasi at 1810 hours, depart from Varanasi at 1845 hours and reach Delhi at 1955 hours.

Air India said it was offering a slew of competitive fares on this sector

http://www.hindustantimes.com/News-Feed/SectorsAviation/Air-India-to-bring-Agra-on-its-network/Article1-978917.aspx

Aranmula airport to take off in two years

The proposed Rs 2,000 crore greenfield airport at Aranmula, in the Pathanamthitta district, Kerala, has been facing stiff opposition for several months.

However, the Chennai-based KGS Group, which is supposed to construct and manage the airport, is confident that the first flight will take off before December 2014. But, other than three or four political flags, there is little sign of any work going on at the project site in Aranmula, which is spread over nearly 700 acre. However, the prime fully-developed land (the runway) has been levelled up to 12 ft. KGS’s confidence stems from a possible equity dilution in favour of the Kerala Government, which could effectively put most protestors at bay.

The group, which has interests in property development, paper mill and engineering, is promoted by three people and a 15 per cent equity stake by Reliance Group. The combined market value of the group’s assets is nearly $1 billion.

Government support

The Kerala government plans to pick up a 15 per cent stake in the KGS Aranmula International Airport — the company setting up the project. Further, the group is also in talks to divest nearly 10 per cent stake to Malaysian Airports, which is also the technical partner. Malaysian Airports has appointed KPMG to do the due diligence.

“There has been opposition to the project, but we are convincing each and every person opposing the project on the importance of an international airport in Aranmulla,” said Gigi George, Managing Director,KGS Aranmula International Airport Ltd. “There is a not a single case against the project,” he said.

The project, which was conceived in 2009, was approved by the previous State Government headed by the Left Front, while the Cabinet of the present Congress Government gave its clearance recently. The KGS (representing the promoters Kumaran, Gigi George and Shanmugham) Group has brought in Rs 500 crore for the project. It is in discussion with leading banks to infuse another Rs 500 crore. The project funding will have a 2:1 debt:equity ratio, he said.

Aranmula, which has been declared as a global heritage village by the UNESCO, is noted for its ancient temple dedicated to Lord Krishna (Parthasarathy), the Snake Boat Regatta held in the holy river Pampa and for the metallic mirror.

Local fears

The local people fear that the airport could harm the ‘heritage’ tag of the town. However, the company denied that the airport will have any effect on the heritage culture.

People also fear that the airport will affect the structure of the famous Parthasarathy temple, which is located just a few hundred metres from the project site. This, too, was refuted by George.

The airport is designed to cater to aircraft such as Airbus A-320 and Boeing 747. The terminal building is designed to handle nearly 1,000 passengers at a time. The project will generate direct employment for 1,500 people and indirect for over 6,000, he said.

On choosing Aranmula, which is sandwiched between Kochi and Thriuvanthapuram airports, for an airport, George said the location was an ‘influential zone’ and close to multiple destinations such as Kumarakom (35 km), the back waters of Alappuzha (35 km) and high ranges of Kumily and Thekkady tiger reserve.

Huge possibility

However, the biggest attraction is that it takes only an hour’s drive to Sabarimala, the second largest pilgrim centre in India, that receives about 60 million pilgrims annually . The airport will provide infrastructure to pilgrims who wish to travel by air.

At present, Thiruvananthapuram or Kochi airports are the closest but people need to spend at least four hours on travel from there.

The company hopes that one in 200 coming to Sabarimala may use the Aranmula airport. This could be very cost effective for passengers. At present, for a traveller from Dubai to Thiruvanthapuram, the flight charges could be Rs 10,000. It costs another Rs 10,000 to travel from Thiruvanthapuram to Aranmula, he said.

Further, nearly 40 per cent of Kerala’s air traffic hails from this zone, he said. George added that the airport is expected to serve four districts in Kerala — Pathanamthitta, Kottayam, Idukki and Alappuzha which together account for 21 per cent of foreign tourists and 14 per cent of domestic tourists, he said.

Even though Kerala has only 2.75 per cent of the overall population of India, the international aircraft movement in the State was 15.28 per cent of the overall international aircraft movement of India in 2011-12. The company hopes to generate two-third of the passenger traffic on its own and hopes to divert one-third from from Kochi, Thiruvanthapuram and Kozhikode airports.

“If the project is to be viable, the project cost needs to be low. That’s what we have done. When compared to other projects, our cost is very low,” he said. Out of the Rs 2,000 crore capital and promoters’ contribution will be Rs 700 crore and the balance through debt.

raja.simhan@thehindu.co.in

Keywords: Aranmula airport, greenfield airport, Pathanamthitta district, Kerala, KGS Aranmula International Airport
http://www.thehindubusinessline.com/industry-and-economy/logistics/aranmula-airport-to-take-off-in-two-years/article4085404.ece

Planes deregistered: German bank sues DGCA, Kingfisher Airlines

Germany's DVB Bank SE has sued aviation regulator Directorate General of Civil Aviation (DGCA) and Kingfisher Airlines to have two planes it financed for the troubled carrier deregistered, a possible first step towards recouping its funds.

The case underlines the problems that

related stories

·   Kingfisher applies for renewal of its licence

leasing firms and financing companies face in recovering grounded planes from Kingfisher, as airports, banks and tax authorities scramble for the crisis-hit carrier's assets.

International Lease Finance Corp (ILFC) - owned by US insurer AIG - is also struggling to take back Kingfisher planes it owns, one of which, an Airbus A-320, has been impounded by tax authorities for non-payment of dues by the carrier.

The DGCA must deregister the DVB-financed Airbus planes, now parked in Istanbul, before the bank can put them to use or lease them out.

"Our main trouble really is with the DGCA, which should deregister the aircraft," Carsten Gerlach, senior vice president of aviation finance at DVB, told Reuters.

"We have now filed a writ petition at the high court in Delhi against DGCA and also Kingfisher, strictly focused on deregistration," Gerlach said by phone from Frankfurt.

However, the DGCA argues that those aircraft were not financed by DVB alone, so deregistering them would make the DGCA answerable to other financiers, who are also trying to recover their money, according to a senior government source with direct knowledge of the situation.

The DGCA and Kingfisher did not respond to requests for comment.

Meanwhile, leasing company IFCL has also asked the DGCA to deregister four Kingfisher-operated planes, but it faces separate obstacles.

These planes include an Airbus A-320 parked at Mumbai airport that was impounded by tax authorities last week after the carrier failed to settle long-pending dues.

"People just go the airport, see a plane in Kingfisher colours, and stake their claim on it," the source said, referring to the tax authorities' impounding of the Airbus.

"What they don't understand is that the plane may not belong to Kingfisher at all."

Kingfisher, owned by flamboyant liquor baron Vijay Mallya, has hit back at the tax authorities' actions, saying it is illegal for authorities to seize aircraft that are owned by foreign lessors.

"This will send a very wrong signal to any foreigner who wishes to do business in the aviation industry in India," the airline said in a statement last week.

Kingfisher has 33 scheduled passenger planes registered in India, according to data from the DGCA. It had a fleet of 64 a year back, when it was India's No. 2 carrier by market share.

It is saddled with a combined debt load of $2.5 billion, according to one estimate, and has not paid salaries for months.

Kingfisher, which has not flown since October, had its license suspended in October after months of canceled flights and staff walkouts.

 

http://www.hindustantimes.com/News-Feed/SectorsAviation/Planes-deregistered-German-bank-sues-DGCA-Kingfisher-Airlines/Article1-979139.aspx

Air India to connect Delhi with 3 towns

Air India will soon connect Delhi with Agra, Varanasi and Khajuraho from December 26. The flight will operate on Mondays, Wednesdays and Fridays on the route Delhi-Varanasi-Agra-Khajuraho and the return flight will be from Khajuraho to Varanasi and terminate at Delhi. The Delhi to Agra flight will depart at 12:45 p.m.and reach Varanasi at 2:00 p.m., take off from Varanasi at 2:35 p.m. and reach Agra at 3:30 p.m. The flight will leave Agra at 4:05 p.m. to reach Khajuraho at 4:45 p.m. The return flight will leave Khajuraho at 5:20 p.m.and arrive in Varanasi at 6:10 p.m., depart from Varanasi at 6:45 p.m. and reach Delhi at 7:55 p.m. Air India is offering a slew of competitive fares on this sector, the airline said in a release. — Our Bureau

http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/air-india-to-connect-delhi-with-3-towns/article4227000.ece

Performance not an issue, Maldives tells Malaysia

New Delhi, Dec. 21:

The Malaysian Government has secured a letter in some form from the Maldivian Government that indicates that performance was not the grounds for termination of the Male international airport contract, said External Affairs Minister Salman Khurshid on Friday.

Malaysia Airports had tied up with Bangalore-based GMR Infrastructure to form a consortium, which won the contract for modernising the Male airport in 2010. However, a change of Government in the island nation saw the consortium contract being cancelled.

“I think this (the letter) was necessary for Malaysia for its future prospects as well. That is not something that we had called for, so we have not received any such letter,” the Minister added.

Khurshid was speaking to the media at the conclusion of the India-Asean Summit during which there was also a bilateral meeting between leaders of India and Malaysia.

“The matter (GMR investment in Male airports) was mentioned. I will not say that the matter was discussed in great detail. We wanted an update on their impression as their Foreign Minister visited Maldives for a day,” he said.

Sistema issue

Asked whether the Sistema issue would figure in talks between visiting Russian President Vladimir Putin and Prime Minister Manmohan Singh, Khurshid expressed the hope that the concerns would get addressed. “When Prime Minister Singh meets with President Putin, if this topic comes up, we will have some adequate reply ready which will bring some comfort, I believe,” he said.

Sistema Shyam Teleservices (SSTL) is among the nine telecom companies whose mobile licenses were cancelled by the Supreme Court in February in the 2G case. The Supreme Court had cancelled 21 out of 22 licences of SSTL along with 101 other licences. These permits are valid till January 18, 2013.

The company had recently warned India that it would seek “billions of dollars” in damages if the licence cancellation issue was not resolved in time. The company filed a curative petition in the Supreme Court on May 4, which is still pending a hearing. The company offers CDMA mobile services under the MTS brand in India.

Khurshid said India was keen to “strengthen and enhance” the already good relations with the Russian Federation.

http://www.thehindubusinessline.com/todays-paper/tp-economy/performance-not-an-issue-maldives-tells-malaysia/article4226905.ece

Kingfisher to seek ‘open offer’ waiver for foreign investor

New Delhi, Dec. 21:

Kingfisher Airlines plans to approach SEBI for a one-off exemption from open offer obligations under the takeover code to any foreign carrier that may pick up a majority stake in the ailing private carrier.

This was conveyed to the 17-bank consortium during the recent meeting that the lenders had with the KFA promoter, Vijay Mallya, in Mumbai this week, sources in the banking industry said.

Mallya is reportedly in talks with a couple of foreign carriers, including Etihad Airways, to induct one of them as a majority stakeholder in the airline.

If the capital market regulator (SEBI) were to allow any exemption on open offer obligations, then the overall cost of acquiring the grounded airline is expected to come down for the foreign carrier.

SEBI’s takeover code requires any acquirer getting 25 per cent or more stake in a company to make an “open offer” for additional 20 per cent stake.

This has been mandated to give an opportunity for minority shareholders to exit the company on account of any change in management.

The Government had recently allowed foreign carriers to take up to 49 per cent stake in domestic airlines.

At the recent meeting, Mallya is also understood to have conveyed to the bankers that the company had not proceeded with the earlier planned viability study by SBI Caps as the potential investors (foreign carriers) were convinced about KFA’s own long-term revival plan presented to them.

He had also promised one more month of salary to be disbursed to KFA employees during December.

Bankers’ demand

The 17-bank consortium had, at the recent meeting, decided that Mallya’s request for non-fund based support for the limited restart plan could be accepted only after 100 per cent collateral for such support is furnished to the lenders.

Srivats.kr@thehindu.co.in

(This article was published in the Business Line print edition dated December 22, 2012)

http://www.thehindubusinessline.com/todays-paper/kingfisher-to-seek-open-offer-waiver-for-foreign-investor/article4226920.ece