Kingfisher distress will impact JK Bank: Omar
Says JK has interest in financial health of Airline
Srinagar, Feb 21: Chief Minister, Omar Abdullah Tuesday said the state has an interest in the financial health of Kingfisher as its leading bank - Jammu and Kashmir Bank - is also a lender to the airline.
“Any distress suffered by Kingfisher will impact the bank as well," Omar was quoted as having said by Delhi-based news agency, Press Trust of India.
It said the CM expressed hope that the Centre and his government will work out a mechanism to improve the financial health of cash-strapped Kingfisher airlines.
"I am hopeful that the Centre and state government together will work out some mechanism (to improve the financial health of Kingfisher)," he told reporters on the sidelines of a function in Magam, 20 km from Srinagar.
"The state has an interest in the financial health of Kingfisher as its leading bank - Jammu and Kashmir Bank - is also a lender to the airline. Therefore, any distress suffered by Kingfisher will impact the bank as well," Omar said.
The state government owns 51 per cent stake in Jammu and Kashmir Bank.
On the Centre refusing a bail-out to the beleaguered Kingfisher, unlike Air India, Omar said there was a difference between a "flag carrier and a regular carrier".
"Kingfisher is not the only airline in distress," he said.
Lastupdate on : Tue, 21 Feb 2012 21:30:00 Makkah time
Lastupdate on : Tue, 21 Feb 2012 18:30:00 GMT
Lastupdate on : Wed, 22 Feb 2012 00:00:00 IST
- MORE FROM BUSINESS
- Outside banks slow at credit delivery in JK
- Kingfisher distress will impact JK Bank: Omar
- Regularization of ‘college local fund employees’ draws flak
- 2 decades on, Shah awaits regularization
- Rs 50 cr project to boost pilgrim tourism on cards
- India Inc may give up to 20 pc pay hike to staff in 2012
- CS for fast tracking JK gas pipeline project
- IT cos told to follow NeGP guidelines
D A RASHID
Srinagar, Feb 21: The State Government today filed an affidavit in the High Court stating, if required, it will invoke detention order against Hurriyat (G) Chairman Syed Ali Shah Geelani under Public More
- Srinagar City
Khawaja Bazar shopkeepers say no to money, demand shops in vicinity; dislocated people complain of delay in compensation payments
Srinagar, Feb 21: Shopkeepers of Khawaja Bazar whose establishments are coming under proposed road widening have demanded that they be allotted shops in the adjacent area while those whose houses are also More
Jammu, Feb 21: Strongly condemning the stepped up attacks by ‘unidentified’ gunmen on civilians, People's Democratic Party (PDP) today said the phenomenon seemed to be a permanent accomplice of the National More
- South Asia
NISAR AHMED THOKAR
Islamabad, Feb 21: The Prime Minister of Pakistan-administered Kashmir (PaK), Chaudhary Majeed has said that the United Kingdom can play a mediatory to settle the long-pending dispute of Kashmir to ensure More