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| Kingfisher Airlines submits new revival plan | Kingfisher Airlines submits new revival plan |
| (about 2 hours later) | |
| India's embattled Kingfisher Airlines has submitted a fresh revival plan to aviation authorities as it seeks permission to restart operations. | |
| The airline's parent firm, UB Group, will inject 6.5bn rupees ($119m; £77m) to reinvigorate the carrier. | The airline's parent firm, UB Group, will inject 6.5bn rupees ($119m; £77m) to reinvigorate the carrier. |
| Kingfisher has $1.4bn in debts and has not been able to raise fresh loans. | Kingfisher has $1.4bn in debts and has not been able to raise fresh loans. |
| Its flying permit lapsed at the end of last year and regulators have asked the airline to outline how it plans to secure its future before renewing it. | Its flying permit lapsed at the end of last year and regulators have asked the airline to outline how it plans to secure its future before renewing it. |
| The carrier said that it had set out its proposals to revive the airline in the latest submission. | |
| "We have given a complete plan... which includes our schedule that we plan to operate, the aircraft we plan to operate, the number of people we have," said Sanjay Aggarwal, chief executive of Kingfisher. | "We have given a complete plan... which includes our schedule that we plan to operate, the aircraft we plan to operate, the number of people we have," said Sanjay Aggarwal, chief executive of Kingfisher. |
| "We have requested that our licence be renewed," he added. | "We have requested that our licence be renewed," he added. |
| The firm's shares rose more than 3% on the Bombay Stock Exchange in early trading. | |
| An earlier plan submitted by the airline was rejected by the authorities. | An earlier plan submitted by the airline was rejected by the authorities. |
| Turbulent times | |
| Owned by billionaire Vijay Mallya, Kingfisher Airlines has seen its fortunes plummet in recent years. | |
| The airline has reported annual losses for five years in a row and has seen its market share decline. | |
| As its debt woes have increased, it has been unable to pay money owed to staff, airports and tax authorities, as well as its lenders. | |
| Its financial troubles also resulted in its key lenders refusing to extend any fresh loans, which affected its ability to carry out operations smoothly. | |
| As a result, its licence was suspended last year amid concerns over finances and safety. | |
| In an attempt to revive its fortunes and infuse fresh capital, the airline has held talks in recent months with Etihad Airways and other investors with a view to them taking a stake in the carrier. | |
| This was after the Indian government allowed foreign investment of up to 49% in domestic airlines, a move that Kingfisher had been lobbying for. |