Singapore: Kingfisher airlines on Monday resumed talks with investors for issuing Global Depository Receipts (GDR) to raise around USD 300 million as the jet fuel prices have started moving downwards.

"We had to postpone GDR issue as the fuel prices were going sky high. When we had planned this out, it was on the basis of the fuel prices remaining at around USD 90 per barrel. But the prices shot up to USD 120. So clearly, it had to be postponed. Now with the fuel prices coming down, the investors are engaged with us," said Kingfisher airlines owner Vijay Mallya.

The carrier had planned a GDR issue in December last year to reduce its liability but had failed to do so as its stock prices began slumping.

It has appointed Citi, JP Morgan and CLSA as its merchant bankers.

Mallya, who is here to attend the Annual General meeting of the International Air Transport Association (IATA), also announced that his carrier would join the 'oneworld' alliance of airlines in February next year.

Confirming this, 'one world' CEO Bruce Ashby said, Kingfisher and Europe's fifth largest airline 'airberlin' have already signed agreements to become members-elect to join the alliance early 2012.

Malaysian Airlines joined as a full-fledged member of the alliance on Monday.

Mallya said he would "continue to press the government to review its aviation FDI policy" to allow foreign airlines to pick up stake in Indian carriers.

(Agencies)