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Kingfisher to sell properties in Mumbai and Goa to raise funds

Kingfisher asked HDFC Securities to do a valuation of the two properties -- the Kingfisher House in Mumbai and a villa in Goa, which are likely to fetch Rs120 crore at current market price

Mumbai: Beleaguered Kingfisher Airlines said it plans to sell two of its unused properties in Mumbai and Goa to partly repay staggering loans of about Rs7,500 crore, reports PTI.

These properties are likely to fetch Rs120 crore -- Rs90 for the Mumbai property and Rs30 crore for the Goan villa -- going by the current market value.

"The Kingfisher House has been lying vacant after the staff moved to our new offices at 'The Qube' in Mumbai, and at that time itself, on our own accord, we approached the banks with a proposal to liquidate this unutilised asset," the airline spokesperson Prakash Mirpuri said.

At Thursday's meeting of the consortium of 17 lenders and the airline's management the pending proposal was discussed, he said.

Subsequently, the consortium appointed HDFC Securities to do a valuation of the two pledged properties.

"We have asked HDFC Securities to do a valuation of the two properties -- the Kingfisher House in Mumbai and a villa in Goa -- which are already pledged with the lenders. We have asked them to revert in 15 days," a senior banker, who was present at the meeting this morning, told PTI.

The Vijay Mallya run carrier owes banks Rs7,500 crore in arrears and additional interest since January when it stopped servicing their loans.

The meeting, attended by most of the 17 lenders and airline's chief executive Sanjay Aggarwal, was inconclusive.

The lenders decided to meet again over the next 2-3 weeks, the banker added.

The meeting was held at the headquarters of the State Bank of India which is the leader of consortium.

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