Shaheen Mansuri
Moneycontrol.com
Frankly, it was a hassle-free decision for Vijay Mallya to completely suspend services on his budget carrier Kingfisher Red, says one of his close confidantes.
Formerly known as Air Deccan, Mallya had bought 26% stake in this airline from his freind-cum-neighbour Captain Gopinath in 2007 at Rs 550 crore and later picked up additional 20% stake at around Rs 155 a share.
The intention of acquiring Deccan was only aimed at giving Kingfisher Airlines (KFA) an access to international routes quickly. Government rules gave overseas flight rights only to airlines with a minimum of five years experience, and KFA was behind in the queue after Deccan.
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