Indian private carrier Kingfisher Airlines is negotiating $400m in funding from private equity players Carlyle, TPG and Abu Dhabi’s Aabar Investments, according to a report by The Financial Express.
The airline is said to have accumulated $1.2bn in debt as the company borrowed to fund its expansion plans, and will use the potential $400m funding to pay off its liabilities.
Kingfisher is part of The UB Group, which is one of India’s largest conglomerates, the largest Indian manufacturer of beverage alcohol and the second largest drinks group in the world, according to the company.
The airline reported a loss of INR4.19bn ($89.6m) for the quarter ended September. Despite this and the company’s debt load, its share price has risen from INR54.35 ($1.16) on 16 November to today’s price of INR61.5 ($1.32) at the time of publication.
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