NEW DELHI: SICOM , the non-banking finance company partly owned by the Maharashtra government, is understood to have emerged as a source of some of the funds being raised by the UB Group to support Kingfisher Airlines.Four companies linked to Kingfisher and the UB Group have collectively borrowed Rs 400 crore from SICOM, in which the state government holds 49% equity. The loans, raised in July-end, assume significance against State Bank of India Chairman Pratip Chaudhuri ’s statement that Kingfisher has arranged Rs 400 crore out of the Rs 800 crore banks have asked the promoter companies to bring in.Meanwhile, UB Group President and CFO Ravi Nedungadi told ET that Kingfisher’s parent, UB Holdings , has raised Rs 763-crore unsecured loans for Kingfisher since the beginning of the year. Neither SICOM nor the UB Group confirmed whether the loan from SICOM was part of the Rs 763 crore raised to support the airline.“UB Holdings, the principal promoter of Kingfisher Airlines, has facilitated funding of Rs 763 crore till date since the beginning of the year,” said Nedungadi.It was a clear demonstration of the UB Group's commitment to the airline, Nedungadi said, adding, these funds had been inducted as unsecured loans into Kingfisher Airlines, . Calls and emails to SICOM officials went unanswered.The loans to Kingfisher in July, along with an earlier loan to UB Holdings, comprise 60% of SICOM’s 2010-11 net worth and 9% of the finance company’s sanctioned loans. In terms of its net worth, SICOM has higher exposure to the group than some of the large public sector banks.SICOM’s earlier loan of Rs 54 crore (as of 2010-11) to UB Holdings is secured by 18 million shares of Kingfisher, and 250,000 shares of United Spirits , which houses the whisky business of the UB Group. The loans given subsequently in July this year are secured by the current assets of the four companies. According to the SICOM website, the company provides promoter funding.Two of the beneficiaries of the SICOM loans — Margosa Consultancy and Redect Consultancy — had earlier used funds raised from other UB Group companies to subscribe to the optionally convertible debentures issued by the airline at the time of its last round of debt restructuring earlier this year.About 98% of the assets of these two companies in 2010-11 comprise investments in, and loans to, Kingfisher Airlines amounting to Rs 742 crore.Margosa and Redect are described in stock exchange disclosures as ‘persons acting in concert’ with UB Holdings, Kingfisher’s parent.