HPCL cuts fuel supplies to Kingfisher Airlines

19th Jul 2011
HPCL cuts fuel supplies to Kingfisher Airlines

Hindustan Petroleum Corp (HPCL) briefly cut aviation fuel supplies to Kingfisher Airlines earlier in a dispute over payment.

State-owned HPCL said Kingfisher said money owed by the carrier had exceeded the bank guarantee it had furnished against default.

As a result, supplies were cut for ten hours, with Kingfisher placed on a cash-and-carry deal.

Supplies were resorted after ten hours after the Vijay Mallaya-owned private airline paid Rs10 crore for the fuel.

Kingfisher buys aviation turbine fuel worth some Rs6 crore per day from HPCL has a bank guarantee of Rs462 crore to cover against any default.

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