Mallya guarded on using Diageo money for KFA

UB group chief Vijay Mallya on Friday adopted a guarded approach on the issue of using the money received from Diageo to bail out the Kingfisher Airlines (KFA), which has been grounded since September 30.

"Each individual company is a public entity. Kingfisher Airlines' issues will be resolved by Kingfisher Airlines and UB Holdings. It would be unfortunate if you try to link this transaction with the airline. Lets not cross contaminate everything and interrelate everything," Mallya said in a conference call after announcing the deal to sell United Spirits stake.

Maintaining that he along and his team is working to make the grounded carrier fly again, Mallya said: "We are working towards a comprehensive rehabilitation plan, including recapitalisation of the airline."

Stating that he had taken decisions to "do whatever is best for my businesses", the liquor baron said: "I have done what is best for my beer and I have done what is best for my spirit business. I will do the best for the airline, but separately. I will address the Kingfisher problems fairly and squarely. These are mutually exclusive."

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