The top executive of a south India-based public sector bank said it was just a preliminary meeting. It would take at least three-four months to see firming up of a clear road-map. The group has begun steps to arrange funding, including equity.
The issue of replacing collateral was yet to be resolved. Sources say there will be another lenders' meet during the third week of October to take further steps.
Mallya reportedly told the lenders that he is talking to strategic global airlines and private equity investors for investment into Kingfisher Airlines.
Mallya is considering a proposal to offload a part of his stake in his other group company – United Spirits, and channel a part of the proceeds into Kingfisher Airlines -- to infuse equity into Kingfisher Airlines.