Kingfisher may go international by 2008: Mallya

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Vijay Mallya has said that Kingfisher is likely to go international by early 2008. Accenture may submit Kingfisher-Air Deccan merger report in 4-5 weeks, he added. Mallya said that UB Holdings may raise over Rs 1,000 crore via QIP to retire debt and for expansion purposes.

 

Deccan has filed with the DGCA for clearance to fly international, he informed. UB Holdings board has approves increase in FII investment limit to 60% from 49%.

 

"The board of United Breweries Holding Ltd approved the QIP issue. We are going to raise in excess of Rs 1,000 crore, to pay off debt and also have sufficient reserves for further investment, maybe in the aviation business. The Civil Aviation Minister has already gone on record and said that Kingfisher can fly overseas, on the basis of Air Deccan's eligibility in 2008. Being a 46% shareholder in Air Deccan, that is precisely what we are going to do, if the group of Ministers decides to retain the five-year rule. In the meantime, Air Deccan has already filed applications with the Directorate General of Civil Aviation, or DGCA, to fly to a whole host of international routes," said Vijay Mallya.