THE FALL OF A KING

(onionlive.com)

It is difficult not to admire Vijay Mallya, the flamboyant flying baron, with a lifestyle that could fill gossip columns all through the year. His son Siddharth’s fiancée, the rising star Deepika Padukone, adds a magic charm to the Mallya clan. If celebrity status is tested by the ton-load of rumours they generate, the grapevine has it that Deepika’s new flat in Mumbai is a gift from a generous well-wisher, whoever he may be.  

But flying is a different ball game, especially flying amidst turbulence. As India’s GDP is rising, and India’s population admirably alarmingly (or alarmingly admirably, if you are an optimist), Kingfisher’s debt too is rising admirably alarmingly to hit $1.2 bn.   

While shareholders are complaining that they are not getting the value for their money, passengers are complaining that they are not getting the seats they have reserved. The companies that have leased their planes to Kingfisher are now demanding their planes back as payments have fallen behind schedule. 

In business for six years, India’s second largest airlines operating 340 flights a day connecting 54 cities, is now axed to 300 flights to cut costs. The complaints of salaries not paid and pilots quitting in exodus add to the king’s woes! But the government does not want Mallya’s airlines to close down; certain influential ministers are trying to mediate a bail-out plan with some banks to ease the cash crunch.

India, the fastest growing global aviation market today, is expected to be the fourth biggest aviation market by 2020 and third biggest domestic market after the US and China. India's domestic air traffic, the second highest after Brazil, grew by 14 per cent against Brazil's 15.1 per cent.

Already experiencing a shortage of pilots, the demand for pilots as well as engineers and cabin crew will grow, which is good news for the job market. And the debut of Dubai's first low cost airline Flydubai in Ahmedabad, the world's third fastest growing city, is the harbinger of good tidings.  

The Indian aerospace market will need nearly 1,100 commercial jets worth $130 billion over the next 20 years, a windfall for global aircraft industry. Karnataka is setting up a 250-acre aerospace special economic zone (SEZ) at Devanahalli in Bengaluru.

With a good bail-out package, Kingfisher could turn around in two years and rule the sky. The King could be King once again!