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MUMBAI: Several flights of Vijay Mallya promoted Kingfisher Airlines were grounded at two major airports in the country at Delhi and Mumbai for at least an hour as one of the oil-marketing companies (OMCs), Hindustan Petroleum Corporation
But I think this is one industry, which one can look at from a really long-term point of view and Kingfisher, no doubt, Jet also looks interesting because 80% of the equity is held by the promoters and leaves hardly any major liquidity in the markets
Kingfisher Airlines Ltd. said Wednesday two of its founder companies have together pledged or used as collateral 115.5 million more shares, of India's second-biggest airline by market share
MUMBAI: Several flights of Vijay Mallya promoted Kingfisher Airlines were grounded at two major airports in the country at Delhi and Mumbai for at least an hour as one of the oil-marketing companies (OMCs), Hindustan Petroleum Corporation Ltd (HPCL) refused supply of fuel to the airline on non- pay payment of dues. HPCL, reportedly has Rs 500 crore in oil dues to be recovered from Kingfisher airlines, according to sources.

"There was a minor issue with Kingfisher and that has been settled," HPCL spokesperson told ET. In 2009, one of the other oil marketing company, BPCL had dragged Kingfisher to the courts for non- payment of dues and had to recover money through legal process. BPCL has not disclosed the amount recovered citing legal settlement. Though IOC has some exposure with Kingfisher they have put the airliner on a cash and carry for a long time now.

Vijay Mallya promoted Kingfisher Airlines that has been going through financial troubles, reportedly negotiated with the fuel suppliers and was able to resume operations after about an hour of delay. The flights resumed at about eight in the evening. "There were about eight to 10 flights that were impacted because of the delays. The passengers were de-planed and then brought to the terminal and after the aircraft were fuelled one by one, passengers were boarded," said sources at the Delhi International Airport.

Kingfisher has been trying to get investors to put in the money in the airline and is also trying to raise $300 million in GDR for over three years now. But investors have so far not shown interest in the airline. Rising fuel costs have not helped the airline much