Losses double at Kingfisher

KINGFISHER Airlines chairman Vijay Mallya yesterday sought to ease concerns about the future of his airline, but offered few measures for reviving the Indian carrier’s finances after its quarterly loss doubled.

Mallya, who owns a liquor business and the Force India Formula One team, said Kingfisher had not asked banks to “take a haircut” but was looking for ways to cut the interest cost on its $1.3bn (£800m) debt.

He called on New Delhi to allow foreign airlines to buy stakes in Indian carriers and said Kingfisher had applied to directly import fuel.