Kingfisher to exit low-cost airline operation, raise capital

By IANS,

Bangalore : 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.

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“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.