Bangalore-September 28, 2011—The shareholders of Kingfisher Airlines Limited today unanimously passed all resolutions at the 16th Annual General Meeting of the company, held in Bangalore. Prior to the meeting, Dr. Vijay Mallya issued a letter to Kingfisher’s shareholders highlighting Kingfisher’s strategy and putting an end to various angles of speculations about the business. This included a detailed response to all remarks in the auditor’s report.
During the meeting, Dr. Mallya discussed specific initiatives that Kingfisher is pursuing to improve margins and to reduce the interest burden. He also announced that Kingfisher is undertaking cabin reconfiguration which will add significant number of seats and hence generate additional revenue at minimal cost. All of Kingfisher’s Airbus aircraft will have a first class with incremental seats in economy. At this time Kingfisher will be dropping the Kingfisher Red class of service. This effort will be concluded in the next 4 months.
The airline also has several initiatives underway to reduce interest burden. All these initiatives require working with the consortium of banks. The consortium has very supportive of Kingfisher Airlines and owns 23% equity in the airline. The discussion with the banks has already been initiated.
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