Debt ridden kingfisher Airlines is to get loan of more than $2, million in order to carry on with its business.

The nation’s third largest Airlines, kingfisher has been passing through a tumultuous phase, unable to mobilize funds to pay back the debts and resume its operations.

Kingfisher Airlines owned by Vijay Malaya’s UB group is facing a heavy debt of nearly 65 billion rupees. As asked by its creditors, the airline must raise a minimum amount of USD $ 160 million as equity.

The President and The CFO of theUB group, Mr. Ravi Nedungadi said that they neither confirm nor deny the reports.

In the early months of 2011, the Sahara group got a 42.5% stake in Force India by investing an amount of $100 million and became the co-owner, alongside Vijay Mallaya, the chief of Kingfisher Airlines.