The prime lender to troubled Kingfisher Airlines, the State Bank of India’s (SBI) senior executives will meet founders of the airline in the coming days to discuss the matters following Indian government’s decision to allow foreign airlines to pick up stakes in India aviation firms.

SBI Chairman Pratip Chaudhuri said that Mr. Mallya is determined to keep the control of the airline under him and thus he might be ready to take bold steps to resolve the situation. The relaxation of FDI norms in the aviation sector has been welcomed by the industry players including Kingfisher.

The decision to allow foreign aviation companies to start investing in India’s airlines comes as a relief to the cash-strapped firms in the country like Kingfisher and others. It recommends allowing foreign airlines to buy up to 49 per cent stake in Indian carriers.

Kingfisher is facing debt burden of $1.4 billion and its man lenders led by the SBI have been working to find a solution to the issue. The SBI is the largest lender with about Rs 1,500 crore in loans to out of the total Rs 8,000 crore bank loans of the airlines.