GMR defers cash-and-carry with Kingfisher, AI

Mumbai: GMR Group has deferred its cash-and-carry arrangement with Kingfisher Airlines and Air India for the Delhi and Hyderabad airports. The company said “significant progress has been made regarding payment of their outstanding dues.” [caption id=“attachment_18759” align=“alignleft” width=“380” caption=“GMR has deferred decision to put Kingfisher and AI on cash-and-carry mode. Stringer/Reuters”] [/caption] GMR, which operates both airports, had last week said it would put both carriers on cash and carry mode from June 1 which means the two firms would have to pay oustanding dues to the airports to continue operating flights. It has worked out “a comprehensive payment plan” with Air India which covers the repayment of all outstanding dues, while Kingfisher has already paid its dues for April and May, GMR added. Reuters