Exiting Kingfisher’s low cost airline operations: Mallya

IANS

Bangalore, 28 September 2011: Industrialist Vijay Mallya Wednesday announced the exit of his spirits-to-aviation group from Kingfisher Red, the low-cost airline operations, and said 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 here soon after informing shareholders on the latest cost-cutting and revenue generating measures.