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Wednesday, September 20, 2006

Kingfisher Airlines IPO only after it breaks even: Mallya

United Breweries Group chairman Vijay Mallya on Tuesday said Kingfisher Airlines would go in for an initial public offering (IPO) only after it achieved break-even, which is expected in 2007-08.

"Kingfisher Airlines is not IPO-dependent. We are fully funded. We have all our financial arrangements locked up", he told reporters in response to questions after the annual general meeting of United Breweries Limited.

"We will go for an IPO once we (Kingfisher Airlines) break-even and we are able to solidly demonstrate our business model to the investors", he said.

Mallya said the airlines is targeting break-even in 2007-08.

He also said the Kingfisher Airlines already has a paid-up equity capital of over Rs 400 crore.

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