Formerly India\\\'s second-largest carrier Kingfisher Airlines, is currently in talks with foreign carriers to sell a portion of its stake, chairman Vijay Mallya announced on Wednesday.

However, Mallya did not disclose the name of the foreign carriers or the exact stake the ailing airline plans to offload, as it looks to lower its crushing debt burden, while continuing to operate as a going concern. \\\"It has been only 10 days since the government announced the entry of foreign direct investment in the Indian aviation sector.

Therefore, you can only surmise the level of talks we have held so far,\\\" Mallya told reporters in Bangalore. Separately, the liquor-and airlines tycoon also confirmed a meeting between the airline officials and its consortium of lenders, led by the State Bank of India.

This is expected to be the first such between the parties since the government\\\'s announcement earlier in the month, to allow 49% FDI in the sector. \\\"We will be meeting them for routine issues. We had a meeting last month, and will continue to have them going forward, to address all the issues of the lenders\\\' consortium,\\\" he said.

The airline has been the biggest casualty in the turbulence affecting the Indian aviation industry, which has been hit hard by a combination of high fuel taxes, airport charges and low fares.

Chairman Mallya has given guarantees worth Rs 5,904 crore for the carrier\\\'s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders\\\' opposition.

Meanwhile, SpiceJet, India’s second-largest low-fare airline by market share, on Wednesday ruled out that it was in talks with any airline for funding, but it may still be in discussions with private equity firms. Chief executive Neil Mills said the airline “was not desperate for money”, and will look at selling a stake to an airline only “of a good deal comes forward”.

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