Liquor tycoon Vijay Mallya on Saturday said that he sought help related to policy change and not loans.
He said “KFA being the largest domestic airline was the worst hit. Government bailed out Air India, but did not bail out KFA. So much for favours.”
And KFA being the largest domestic Airline was the worst hit. Government bailed out Air India but did not bail out KFA.So much for “favours”
— Vijay Mallya (@TheVijayMallya) January 27, 2017
Mallya said he sought policy changes that he did not get, which hurt his airlines.
He tweeted that he begged for help and not for loans, but policy changes — declared goods status for fuel, flat rate of state sales tax instead of ad valorem, FDI.
I begged for help.Not for loans but policy changes-declared goods status for fuel,flat rate of state sales tax instead of ad Valorem,FDI etc
— Vijay Mallya (@TheVijayMallya) January 28, 2017
Claiming that KFA was “India’s largest and finest airline”, he said, “It sadly failed purely due to economic and policy situations. I am humble enough to say sorry to employees and all stakeholders everyday. I really wish government helped.”
Claiming that his core alcohol businesses were severely controlled by the government, Mallya said he “was not allowed to even downsize KFA due (to) employment and connectivity”.
Reacting to accusations of public funds lost in loans to KFA, Mallya retorted, “What about public funds given to Air India? I offered a settlement.”
He further said, “What diversion of funds? I invested more than (Rs) 4,500 crore into KFA.”
Defending his lavish lifestyle even after sinking Rs 4,500 crore into KFA, Mallya said “if my lifestyle was lavish, it was for two decades before KFA was even born”.
On the implications of the ongoing cases against him on entrepreneurship in India, the beleaguered businessman said “the existence of such criminal arms of the government and misuse for vendetta is bound to scare anyone.”