Kingfisher to exit low-cost airline operation
Vijay Mallya added that a Rs 2,000 crore rights issue will be pursued to spruce up the financials.
Bangalore: Industrialist Vijay Mallya on Wednesday announced the exit of his spirits-to-aviation group from Kingfisher Red, the low-cost airline operations.
He added that a Rs 2,000 crore rights issue will be pursued to spruce up the financials.
"Yes, we are doing away with Kingfisher Red. We don't intend to compete in the low-cost segment. But all is not gloom and doom," Mallya said at a press conference soon after informing shareholders on the latest cost-cutting and revenue generating measures.
Recommended For You
- IPL 2017: Ben Stokes Excited to Be Part of MS Dhoni's Team
- 2017 Audi A3 Facelift First Drive Review: The Future is Cylinder on Demand
- Ironman Turns 'Ultraman': Milind Soman Races 517 kms Barefoot
- SRK's Circus Returns To TV, Twitterati Can't Contain Their Excitement
- Federer wants Nadal as Laver Cup doubles partner