New Delhi, Nov. 22: The State Bank of India (SBI) is yet to receive any communication from Kingfisher Airlines on its revival plan even as the consortium of lenders of the troubled airline is meeting next week, chairman Pratip Chaudhuri said today.
The SBI chief also said it could not be presumed that the Diageo-United Spirits deal would result in inflows to Kingfisher Airlines.
"We will not jump to any conclusion but we are urging the company to do things on an urgent basis. A consortium meeting is scheduled for next week. So, we are not putting any deadlines. The Diageo deal affects United Spirits Ltd. So, we cannot infer that it will automatically bring in money to Kingfisher. The company has to disclose what their plans are," Chaudhuri said.
Chaudhuri, however, ruled out any further funding to Kingfisher. "No further funding looks feasible," he said.
The SBI, the largest lender to cash-strapped Kingfisher Airlines, has said it wants the airline's promoters to infuse a minimum $1 billion by November-end for its revival.
"We do not put a gun on their head, but the more comes in the better because airlines are a very capital-intensive business. I think about $1 billion would be a good starting point," Chaudhuri had earlier said.
"We have said please attend to the capital needs urgently and we will like to see some tangible progress at least by November 30," Chaudhuri added.
In a recent meeting with the consortium of bankers, Kingfisher Airlines' senior management had sought a week's time to submit a turnaround plan.
If the bankers are not happy with the revival plan, they may invoke their Rs 8,000-crore guarantee to the airline.
Consultancy firm Centre for Asia Pacific Aviation has also said Kingfisher needs more than $1 billion to fully fund a turnaround.
