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SBI has no plans to lend more to Kingfisher: Pranab
Reuters | 13-Mar 12:57 PM
New Delhi: State Bank of India has no plans to lend more to debt-laden carrier Kingfisher Airlines, Finance Minister Pranab Mukherjee said on Tuesday. Kingfisher has cleared all its tax and interest dues up to August 2011, Mukherjee told Parliament in a written reply.
The airline, which has a debt of about $1.3 billion, needs at least $400 million soon to keep flying, according to the Centre for Asia Pacific Aviation, an industry consultancy.
Kingfisher Airlines, headed by liquor tycoon Vijay Mallya and named after his famous brand of Indian beer, has been struggling to continue its normal operations as a heavy debt load, higher jet fuel costs, stiff competition and low fares have severely hurt its ability to raise funds.
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