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    Dec 2009


    Default Will Mukesh Ambani step in to save Kingfisher Airlines?

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    Will financially distressed Kingfisher Airlines finally be rescued? And will its white knight in shining armour be Reliance Industries’ Mukesh Ambani?

    If the current buzz is to be believed, that’s quite possible. Two media reports, one in Business Standard and another in Hindu Business Line, speculate that Ambani, India’s richest man, might be close to buying a stake in the sinking airline.

    “The buzz has grown louder after Mallya was seen walking up to Ambani during an IPL match,” the Business Standard report said. “For the last 48 hours, group SMSes and street talk have intensified that what started at the cricket stadium will end in the boardroom.” Not surprisingly, Kingfisher’s stock also jumped 7.5 percent to Rs 18.65 on Wednesday on the rumour.

    Is Ambani Mallya's white knight? Reuters
    Business Line also harps on the same theme (Ambani might buy the airline) and adds that as part of the rescue package, Reliance, India’s largest private-sector conglomerate, would also get Mangalore Chemicals and Fertilisers, in which the UB group, which owns Kingfisher Airlines), holds a 30.4 percent stake.
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