INDIAN REFORM MAY NOT HELP KINGFISHER
New Delhi,India : Vijay Mallya, the Indian liquor baron and founder of Kingfisher Airlines, has for many years been an active and vocal lobbyist for New Delhi to end its ban on foreign airlines investing in the country’s air carriers.
If international airlines could invest, Mr Mallya thought, he could recruit a foreign partner to help recapitalise and turn round his airline, which was India’s second-biggest domestic carrier before it was crippled in the past year by high debt and worsening cash flow problems.
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Mr Mallya was granted his longstanding wish on Friday, after New Delhi announced it would permit foreign airlines to own up to 49 per cent of Indian carriers. The decision was one of several measures announced to revive foreign investment inflows, and reinvigorate India’s sputtering economy.
17/09/2012 : ft.com
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