Kingfisher on track to receive funds: Mallya

Kingfisher on track to receive funds: Mallya Debt-laden grounded carrier Kingfisher Airlines is on track to receive funds from United Spirits, UB Group's chairman Vijay Mallya assured on Tuesday.

Mr. Mallya claimed that United Spirits had received all regulatory approvals for its proposed stake sale to British firm Diageo Plc.

The Kingfisher-promoter was speaking to reporters following a meeting with Union Finance Minister P Chidambaram.

Speaking to reporters Mr. Mallya said, "CCI approval has been received. All regulatory approvals have been received. So that's why it (the deal) is on track."

In the meeting with the union finance minister, he discussed the company's financial constraints. Last month, Mr. Mallya had held a meeting with Law Minister Ashwani Kumar to discuss ways to cope with Kingfisher's financial problems.

The beleaguered carrier owes huge piles out cash to the country's tax department, lenders, employees and and the Airports Authority of India.

Kingfisher, which suffered a net loss of Rs 755.17 crore in the quarter ended December 31, is burdened with accumulated debt and losses of more than Rs 15,000 crore. The airline grounded its entire fleet on October 1 last year, and its licence expired on December 31.

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