4 KF flights cancelled amid stir ICICI sells 430cr KF loan to Srei Infra

Four Kingfisher flights departing from Mumbai were cancelled on Monday, after 200 pilots and senior captains from New Delhi and Mumbai went on strike over nonpayment of dues.

The cancelled flights include the 6.25 pm IT-111 to Bengaluru, the 6.35 pm IT-183 to Chennai (due to technical reasons) and two other flights to Mangalore and Khajuraho. Moreover, IT-106 arriving from Bengaluru was also can-

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Mumbai: A debt fund operated by Srei Infrastructure Finance said it has bought out the entire exposure of ICICI Bank, worth around 430 crore, in the financially troubled Kingfisher Airlines. Srei Infra Finance group CFO Sanjeev K. Sancheti termed it “a good buy as it is a fully secured debt.” When contacted, an ICICI Bank spokesperson said, “We have recovered the entire debt exposure of 430 crore and currently we do not have any debt exposure to the Kingfisher Airlines.” However, ICICI still holds around 3 per cent stake in the airline. celled. However, an official from the airline management said, “Only one flight (Mumbai-Chennai) was cancelled and that was for technical reasons. There was no flight cancellation because of any pilot strike. No pilot has reported sick.”

Talks between the airline management and employees failed on Monday following which the striking employees proceeded to the Mumbai airport to stage a protest.

“We are only demanding two months salary out of five months,” said a KF pilot. The airline is operating a truncated schedule of flights, with only 15 planes. The Kingfisher spokesperson remained unavailable for comments.