Companies & Sectors
Lenders will do everything possible to recover Kingfisher dues: SBI

Bankers would do everything for recovering the maximum amount from vijay Mallya-owned Kingfisher 'by all possible methods', including letting the company run again, winding up the company, sale of assets or sale of the company itself

 
Mumbai: State Bank of India (SBI) the lead lender to debt-ridden Kingfisher Airlines said that banks would do everything possible to recover their money, reports PTI.
 
"We will do whatever is appropriate in the best interest of the group of banks," SBI Managing Director, Mid-corporates, S Vishwanathan told reporters.
 
He said every effort would be made at recovering the maximum amount "by all possible methods" which includes letting the company run again, winding up the company, sale of assets or sale of the company itself.
 
When asked whether the airline, which has been on a partial lockout since the past fortnight, can fly again, Vishwanathan, quipped "that is one of the alternatives."
 
SBI is the largest lender to the near-bankrupt airline with an exposure of Rs1,580 crore and the interest which has not been serviced since January.
 
Banks, which declared Kingfisher as a non-performing asset (NPA) in January this year, gave a succour to the carrier in the face of the employee strike by agreeing to release around Rs60 crore last week from an escrow account.
 
The banks have, however, flatly refused the airline's request for fresh loans and asked it to come up with a revival plan by end of October and the future strategies will depend on that, Vishwanathan said today.
 
Last week, the aviation regulator DGCA had slapped a show-cause notice to the otherwise flamboyant liquor baron Vijay Mallya-promoted airline threatening to revoke its flying licence due to continuing strike by its employees.
 
Vishwanathan, who was earlier heading SBI Caps, which was preparing turnaround plan for Kingfisher, was moved back to the bank as a deputy managing director and last week he was promoted as the managing director for mid-corporates at SBI.
 
Mallya, who is also the promoter chairman of the liquor giants United Spirits and Unit Breweries, is desperately trying to raise funds to save Kingfisher Airlines.
 
Kingfisher, which was till last year the No2 airline, is down to the last slot in market share and has not posted profits since its launch in May 2005.
 

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Infosys Q2 net up 24.3% at Rs2,369 crore

Infosys' total revenues rose 21.7% to Rs9,858 crore during the September quarter even as it says global economic uncertainties continue to face the IT industry

 
Mumbai: Information technology company Infosys on Friday reported a 24.3% jump in consolidated net profit to Rs2,369 crore for the second quarter ended 30th September, reports PTI.
 
The company's revenues were up 21.7% to Rs9,858 crore in the second quarter from Rs8,099 crore in the year-ago period, Infosys said in a BSE filing.
 
The company had posted a net profit of Rs1,906 crore for the July-September quarter of the previous fiscal (2011-12).
 
"Global economic uncertainties continue to face the industry. We have increased employee wages, used some of our cash in a transformational acquisition of a consulting business and enhanced our investment in R&D and solutions," Infosys CEO and Managing Director SD Shibulal said.
 
For FY2012-13, the company said it expects its rupee revenue to be at least Rs39,582 crore (a year-on-year growth of 17.3%).
 
These initiatives will position us well in the industry and provide a strong platform for future growth, he added.
 
V Balakrishnan, chief financial officer (CFO) of Infosys will be giving up his position as CFO from 31st October, after six years at the helm of the company's finances.
 
However, he will continue as a member of the Board and will be responsible for three key businesses -- Infosys BPO, Finacle and the India Business Unit.
 
Rajiv Bansal, at present Vice President (Finance) will take over as CFO from 1 November 2012, the filing said.
 

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