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Last updateTue, 17 Mar 2015 2pm

Kingfisher owners submit new, £77m revival plan

The owners of Kingfisher Airlines have submitted a new plan to revive the troubled carrier after airlines' parent promised a cash injection.

Vijay Mallya's UB Group said it will pour Rs 6.5 billion (£77 million) into Kingfisher, which had its flying permit revoked at the end of last year after running up debts of $1.4 billion.

Regulators in India had asked the airline to outline a revival plan to secure its future before renewing the flying permit.

"We have given a complete plan... which includes our schedule that we plan to operate, the aircraft we plan to operate, the number of people we have," said Sanjay Aggarwal, chief executive of Kingfisher.

"We have requested that our licence be renewed," he added.

An earlier plan submitted by the airline was rejected by the authorities.

Owned by flamboyant billionaire Vijay Mallya, Kingfisher Airlines has had a torrid time of late on the back of five straight years of losses.

The company has been unable to pay staff since mid-2012 and also owes money to airports and tax authorities.
Kingfisher's financial woes has resulted in lenders refusing fresh loans.

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