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Consortium again fails to find buyers for Kingfisher assets

India Blooms News Service | | Apr 30, 2016, at 08:29 pm

#Kingfisher assets # State Bank of India # Kingfisher # Vijay Mallya

Mumbai, Apr 30 (IBNS) The 17-bank consortium led by the State Bank of India did not find buyers to bid for the brands and trademarks of Kingfisher Airlines, earlier owned by liquor baron Vijay Mallya, at an auction held on Saturday, according to media reports.

The consortium had set a reserve price of Rs 366.7 crore for the pledged assets in their effort to recover loans unpaid by Mallya.

A similar auction held in March to sell the defunct airlines headquarters, Kingfisher House (with a reserve price of Rs 150 crore) had also failed to attract a single bidder.

The trademarks up for auction were 'Fly the Good Times' tagline, Flying Models, Funliner, Fly Kingfisher and Flying Bird Device, media reported.

Mallya is wanted in India for defaulting on repayment of the bank loans. The Indian government has revoked Mallya's passport and written to the UK High Commission for his deportation.

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