Bravia Capital eyes Kingfisher Airlines deal
Hong Kong-based private equity firm Bravia Capital is reportedly considering investing in debt-ridden Indian airline Kingfisher.
According to The Hindu Business Line, government sources have confirmed that there are no restrictions on investments from China, including Hong Kong, in any airline in India.
News of Bravia's interest comes after it was reported two weeks ago that Kingfisher was close to finalizing a $370 million recapitalization deal with an Indian private investor and a group of banks.
Owner Vijay Mallya said at the time that India's second-largest airline would receive a short-term loan of $118 million from a group of 14 institutions led by State Bank of India, to be used as working capital. He also claimed to be in late-stage negotiations with an unnamed domestic financier looking to provide a $250 million equity injection.
Last week, Kingfisher's management said they would consider reducing their shareholding from 58.61% to 26% in order to boost working capital and lower interest payments. The airline currently holds $1.3 billion worth of debt on its books, despite reporting sales of INR15.28 billion ($296.6 million) for Q2 2011.
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