SBI did NOT provide lifeline to Kingfisher: Pranab
March 20, 2012  15:04

The government today said that State Bank of India has not extended any lifeline to the cash-strapped Kingfisher Airlines this fiscal.

"SBI, leader of consortium of lender banks, has informed that no such lifeline has been extended to KFA by them during the current financial year," Minister of State for Finance Namo Narain Meena said in a written reply in the Rajya Sabha. He said this in response to a question whether the SBI and other PSU lenders have extended a Rs 1,200 crore lifeline to the Kingfisher Airlines Ltd (KFA) by converting part of loans into equity.


The crisis-ridden airline has a debt of Rs 7,057.08 crore. The financial crunch has hit its operations with dozens of flights being cancelled. Tax authorities have added to its woes by freezing its bank accounts for non-payment of dues.

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