Mumbai, Jan 16: UB Group executive said on Monday that the conglomerate's alcohol assets lying overseas won't be used to raise funds for Kingfisher Airlines Ltd subsidiary.
UB Group, which consists of alcohol, airlines and sports teams is under tremendous pressure to come up with a solution to kingfisher's financial crisis as the carrier is struggling to meet the interest payments.
"Each of our businesses operates independently and no transfer of resources is envisaged from one operating entity to another. From the day we acquired Whyte & Mackay, we said we would consider listing it at some point. The point is not now, Ravi Nedungadi Chief Financial Officer of UB Group told the media.
The high costs, fierce competition and a slowdown in the Indian economy hit the carrier and forced it to cancel flights last year. Even Kingfisher have been frozen by the Service Tax Department for the non-payment of dues. The carrier is facing problem for making interest payments and paying salaries to the employees.
"Any plans we may have for W&M have nothing to do with Kingfisher Airlines. However, there are no immediate plans in the offing," said Prakash Mirpuri spokesman.