<p>Kingfisher, India's third largest airline by market share, has been struggling to raise funds to continue operations and repay debt.</p>.<p>The carrier, majority-owned by Vijay Mallya controlled UB group, has a debt of about 65 billion rupees and its creditors have asked the airline to raise at least $160 million in equity.</p>.<p>"We neither confirm nor deny speculation," Ravi Nedungadi, group chief financial officer and president of UB Group, was quoted as saying in the report.</p>.<p>Early this year, the Sahara group invested $100 million in Force India for a 42.5 percent stake and now co-owns the Formula One motor racing team with Kingfisher Airlines Chairman Vijay Mallya.</p>.<p>Spokesmen for both Kingfisher Airlines and Sahara group declined to comment on the report when contacted by Reuters.</p>
<p>Kingfisher, India's third largest airline by market share, has been struggling to raise funds to continue operations and repay debt.</p>.<p>The carrier, majority-owned by Vijay Mallya controlled UB group, has a debt of about 65 billion rupees and its creditors have asked the airline to raise at least $160 million in equity.</p>.<p>"We neither confirm nor deny speculation," Ravi Nedungadi, group chief financial officer and president of UB Group, was quoted as saying in the report.</p>.<p>Early this year, the Sahara group invested $100 million in Force India for a 42.5 percent stake and now co-owns the Formula One motor racing team with Kingfisher Airlines Chairman Vijay Mallya.</p>.<p>Spokesmen for both Kingfisher Airlines and Sahara group declined to comment on the report when contacted by Reuters.</p>