Kingfisher Airlines assets to be auctioned off
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Airlines and airports in India could be able to snap up a few bargains next month, when Kingfisher Airlines’ “moveable assets” are auctioned off.
The Economic Times reports that the sale will be held on 7 December, in an effort to recoup part of the estimated INR70 billion (US$1.06bn) of outstanding debts owned by the defunct airline to banks.
Lenders, led by the State Bank of India, are now inviting bids for the assets, which include aviation industry vehicles such as tractors, cars, SUVs, aircraft pullers and luggage trollies.
Owned by Vijay Mallya’s United Breweries Group, Kingfisher Airlines has been grounded since late 2012 and has had its operating licence suspended. The airline was previously one of India’s largest carriers, operating flights to destinations including London and Hong Kong, and placing orders (now cancelled) for five Airbus A380s.
Last week, the State Bank of India declared the airline and United Breweries a “wilful defaulter”.
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