Kingfisher Airlines' Chairman and promoter, Vijay Mallya on Tuesday said that the company was not seeking any bailout and would now focus on high-end business. Mallya said that there will be no large scale layoffs but the company was looking at cutting costs. 

"The government should consider allowing foreign direct investment (FDI) in aviation and reiterated that the company cannot afford to fly heavily loss-making routes. Entire issue in aviation space needs to be addressed, the whole sector is facing problems and the stated policy of the govt is to encourage FDI," said Mallya. 

Mallya said that Kingfisher was undertaking steps to reduce interest cost and streamlining of existing fleet order and has applied to govt for direct import of fuel. He said that the company has not asked for any kind of financial bailout from the government, but is only looking for working capital management assistance. He said he does not want government to dip into taxpayers' money for Kingfisher. 

Mallya also added that he had been approached by a "large Indian investor" for a stake in the cash-strapped carrier. The 56-year-old liquor-to-aviation baron admitted Kingfisher had a cash flow problem, but said it was "unfair to write its epitaph".