No funding request from Kingfisher: SBI chief

Mumbai, Nov 15: The SBI Chairman, Mr Pratip Chaudhuri, said there was no request for more funding from the beleaguered Kingfisher Airlines. Asked if there was any restructuring of loans, he said there was no restructuring.

Asked about the fate of the existing loans which were converted into equity, Mr Chaudhuri said that the dimunition in value of equity was something that happened with stock market investments. Mr Chaudhuri was speaking to newspersons on the sidelines of an international conference organised by CAFRAL-BIS in Mumbai.

Mr Chaudhuri denied that there was any pressure from the Finance Ministry on the issue of funding Kingfisher Airlines. Asked if SBI would continue to fund the aviation sector in the light of the entire industry facing huge losses and huge debt overhang, Mr Chaudhuri said, "We may not fund new players. But it is difficult to turn the tap off for existing players."