New Delhi, March 27 Kingfisher Airlines has approached State Bank of India for a credit line to meet its operational needs, sources privy to the development said.
The airline is reported to be seeking a facility in the range of Rs 1,500-3,000 crore. Sources indicate that the Kingfisher Airlines Chairman, Mr Vijay Mallya, met with the top brass of the bank in Mumbai last Tuesday where a presentation on the company’s business plans and credit requirements was made.
While Kingfisher’s latest financial position is not available, the balance sheet as of March 31, 2008, showed that its current liabilities and provisions exceeded the current assets by Rs 6.9 crore. Its accumulated losses as of March last year amounted to Rs 967.76 crore.
The Hindu Business Line : Mallya meets SBI top brass, seeks credit line for Kingfisher Airlines