Hongkong Based PE Firm Eyes Stake In Kingfisher Airlines: Report (08-Dec-2011)
Hong Kong-based private equity (PE) firm, Bravia Capital is reportedly eyeing an investment in debt-ridden Kingfisher Airlines. However, if the deal goes through it will not be a first for Bravia Capital in the aviation sector. In October this year, Bravia Capital along with HNA Group acquired Istanbul-based ACT Airlines.
HNA Group, is a large corporation with the air transportation as core business and covering other industries of tourism and service, airport management, logistics, hotel management, retailing, finance and other related businesses.
Meanwhile, Bravia has been actively eying India acquisitions for some time now. Last year, there was a buzz that it had invested $40 million in SpiceJet.
Kingfisher Airlines, which has accumulated debt of over Rs 7,200 crore, saw its losses more than double to Rs 469 crore in the quarter ended September this year. The airline had posted a loss of Rs 231 crore during the corresponding period in the previous year. In 2010-11, the airline incurred a loss of Rs 1,027 crore.
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