Kingfisher gets NOC from oil firms, leasers to fly again

NEW DELHI Wed Jan 16, 2013 12:56pm IST

1 of 2. Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai March 20, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - Kingfisher Airlines(KING.NS) has been given a "no objection certificate" from oil companies and some aircraft leasing companies to restart operations, a senior regulatory source said on Wednesday.

Kingfisher shares extended gains to 6 percent on the news.

The airline, which lost its operating licence at the end of 2012 and has not flown since the start of October, has not secured approval from airports to fly again, the source at the Directorate General of Civil Aviation (DGCA) said on condition of anonymity.

Kingfisher, which is estimated to owe $2.5 billion in debt to banks, staff, vendors and others, has submitted a $119 million revival plan to the regulators. An official at the DGCA said last week that the plan would not be sufficient to rescue the airline.

(Reporting by Anurag Kotoky; Editing by Gopakumar Warrier)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Documents' Leak

Documents' Leak

India widens oil leaks probe to defence ministry  Full Article 

Jim O’Neill Interview

Jim O’Neill Interview

'India can become world’s fifth-largest economy by decade’s end'  Full Article 

Food Security

Food Security

India will not cut multi-billion dollar food handout programme - PM  Full Article 

Ola's Expansion Drive

Ola's Expansion Drive

Taxi group Ola steps up expansion drive  Full Article 

Sahara Saga

Sahara Saga

Sahara's Grosvenor House hotel in London put up for sale   Full Article 

Suzlon Energy

Suzlon Energy

Suzlon expects to turn profitable in fiscal 2016: chairman   Full Article 

Eicher Motors Stake

Eicher Motors Stake

Volvo selling up to $300 mln worth of Eicher shares  Full Article 

Beef Trade

Beef Trade

Maharashtra clamps down on beef trade through new act  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage