India's Kingfisher Airlines loses flying licence

  • India's ailing Kingfisher Airlines lost its flying permit on Tuesday after a deadline to renew its suspended licence expired.

    The carrier has been grounded since October following strikes by workers over unpaid wages.

    The debt-ridden airline has played down the latest development, stating rules allowed the renewal of a permit within two years of expiry.

    Kingfisher has around $1.4 billion in debts and is on the lookout for funding after lenders refused to give fresh loans.

    Owned by lavish billionaire Vijay Mallya, Kingfisher has reported annual losses for five consecutive years.

    The airline recently held talks with Etihad Airways and other investors to acquire a 48 percent stake.