Etihad Airways To Buy Stake In Kingfisher
Etihad Airways may acquire 48% stake in Kingfisher Airlines for around R3000 Cr, according to Mint.
Abu Dhabi-based Etihad will initially buy a 30% holding in December and a further 18% by next August.
Recently, Etihad was planning to acquire 24% stake in Jet Airways.
Mallya has been seeking a buyer from abroad to save his airline from collapse since the government in September allowed foreign airlines to purchase stakes of up to 49% in domestic carriers.
The debt-ridden airline, named after Mallya's biggest beer brand, has been struggling to survive, owing billions of dollars in taxes and payments to suppliers, lenders and employees.
The carrier's staff ended a strike in late October over unpaid wages but Kingfisher's fleet has remained grounded after India's airline industry regulator suspended its licence.
Recently, Mumbai Service Tax department seized one aricraft of the company as the ariline defaulted on service tax dues of R200 Cr.
Kingfisher Airlines On BSE
Set up by Royal (Amiri) Decree in 2003, Etihad Airways is the National Airline of UAE. Its main business is the international air transportation of passengers. Etihad also operates Etihad Holidays, Etihad Cargo and a global contact centre organisation as part of its commercial group.
Etihad has around 150 aircraft fleets connecting 85 cargo and passengers destinations. In 2011, it flew around 8.3 Mn passengers.
Last year, Etihad acquired stake in at least three international airlines, including Virgin Australia, Germany’s Air Berlin and a 40% stake in Air Seychelles.
In the space, Air Kerala was planning to raise R200 Cr as initial capital which would start operations with five leased aircraft flying to the Middle East.
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