Mallya meets SBI officials to discuss debt recast

Kingfisher Airlines promoter Mr Vijay Mallya met top State Bank of India officials on Friday to discuss possible restructuring of the company's debt.

SBI is the lead banker to the private carrier. It heads a consortium of 13 banks. These banks have a collective exposure of about Rs 7,000 crore to the company.

SBI Capital Markets Ltd, the wholly-owned investment banking subsidiary of SBI, is working on a restructuring plan for Kingfisher. It already has the mandate to restructure the mammoth Rs 40,000 crore debt of Air India.

According to Mr S Vishvanathan, MD and CEO, SBI Caps, the aviation industry will be better off if it gets back the pricing power.