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Indian banks turn down Kingfisher promoter's offer to repay 40B rupees

A consortium of 17 Indian banks turned down Kingfisher Airlinespromoter Vijay Mallya's proposalto settle around 40 billion rupees of debt, BusinessRecorder reported April 7.

The consortium refused to forgo Kingfisher's principal debt,which amounts to about 90.91 billion rupees.

Mallya had offered to repay an extra 20 billion rupees in caseof a favorable outcome from a separate lawsuit, his legal counsel told the SupremeCourt of India.

As of April 7, US$1 wasequivalent to 66.66 Indian rupees.