The Kingfisher is all set to fly. Liquor baron Vijay Mallya's Kingfisher Airlines will commence operations during the first quarter of 2005.
The company will be investing $750 million to acquire 12 new A-320 aircraft from Airbus, which will be delivered by October 2005. For the time being, Kingfisher Airlines is taking on lease four A-320s from GE Capital Aviation Services for Rs 100 crore (Rs 1 billion).
Kingfisher Airlines is currently a wholly owned subsidiary of UB Holdings. Addressing the media today in Mumbai, UB group Chairman Vijay Mallya said, "Many foreign investors have shown interest in picking up a stake in the company."
UB Group Chairman Vijay Mallya, along with Kingfisher Airlines brand ambassador Katrina Kaif and his son Siddharth Mallya, in Mumbai at a ceremony organised ahead of the launch of his low-cost airline. Photo: Sebastian D'Souza/AFP/Getty Images