This mistake drowned Vijay Mallya, this deal destroyed the business of Kingfisher!

8 May 2023 By Business Team This Mistake Drowned Vijay Mallya, This Deal Destroyed The Business Of Kingfisher

Vijay Mallya, Known As The Man Of Good Times, Is A Fugitive For India, He Has A Huge Debt Of Banks.

Vijay Mallya'S Kingfisher Airlines In News After Gofirst Airlines Teeters On The Brink Of Bankruptcy

The Airline Gofirst Is Going Through A Similar Crisis That Kingfisher Airlines Was Going Through.

Kingfisher Airlines Was Started In 2003 But Its Operation Started In The Year 2005.

Kingfisher Airlines Was Providing Luxury Travel Facilities To Passengers At Low Cost.

Vijay Mallya Bought Air Deccan Airline In The Year 2007 To Expand The Airlines Business.

But It Is Said That After Buying Air Deccan, Mallya Could Not Understand Its Strategy And Made A Big Mistake Here.

With The Merger Of Air Deccan, Its Fleet Of 71 Aircraft And 30 Percent Of Its Passengers Also Came To Its Share.

Vijay Mallya Was Expecting Air Deccan Passengers To Switch To Kingfisher Airlines For Travel But It Did Not Happen

Air Deccan Passengers Switched To Other Low Cost Airlines Instead Of Kingfisher And Mallya'S Strategy Failed

Kingfisher'S Downfall Started From The Year 2011, The Company Came Into Loss And Lost Rs 1000 Crores In Three Years.

The Situation Deteriorated To Such An Extent That The Salaries Of The Employees Were Stopped, The Debt Burden Started Dominating And Mallya Failed To Raise Funds From The Market.

Kingfisher'S License Was Canceled In The Year 2012 International Flying Rights Were Also Suspended In February 2013

In The Year 2014, Kingfisher'S Loan Of Rs 9000 Crore Became A Non-Performing Asset, The Company Declared Itself Bankrupt.

In The Year 2016, After Taking A Loan Of Rs 9000 Crore From 13 Banks Including Sbi, Vijay Mallya Left The Country And Fled To England, Since Then Cases Are Going On For Extradition.

Good News Can Be Received Again On Next Day, The Salary Of Central Employees Will Increase By This Much Find Out More