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Kingfisher Airlines says it does not have overdues to oil marketing companies

New Delhi, Sep 23 (Calcutta Tube) Kingfisher Airlines Thursday said it does not have any ‘overdues’ to oil marketing companies (OMCs).

‘We have given them (OMCs) a lot of money, so we do not have any overdues,’ said Vijay Mallya, chairman, on the sidelines of an aviation summit.

Last month the petroleum ministry had informed parliament that the airline had a total outstanding dues of Rs 525.54 crore as on March 31. This included Rs.249.72 crore due which was within the agreed credit period and

Rs.275.82 crore overdue.

In August, the carrier was placed on a cash and carry basis by state-run Hindustan Petroleum Corporation Limited (HPCL) for defaulting on payments.

Mallya said the company’s $1 billion fund raising plan through Gross Depository Receipts (GDRs) announced earlier, was on track.

The airline flies to 58 cities in India and 8 international destinations.

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