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Indian banks to sell Kingfisher Airlines brands

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Indian banks to sell Kingfisher Airlines brands

Indian banks are auctioning the trademarks of failedKingfisher Airlines as it looks for ways to recover dues of more than 90 billion rupees, The Times of India reported March 30.

The banks have set the reserve price for the trademarks,which include the airlines' flying bird logo and taglines, at 3.66 billionrupees. The trademarks will be auctioned April 30.

Kingfisher Airlines had pledged the trademarks as collateralwith banks.

Banks are trying to recover dues, which stood at 69.63billion rupees as of January 2014. Including the accumulated interest on theloans, the total dues now stand at more than 90 billion rupees.

As of March 29, US$1was equivalent to 66.44 Indian rupees.