Air India seeks Rs 2,000 cr govt funds after posting loss

Mumbai: Air India, the state-owned carrier, has sought Rs 2,000 crore ($460 million) of funds from the government after record-high jet fuel prices pushed it into a loss last year.
The National Aviation Co of India, which operates Air India, wants to raise funds by selling shares to the government or from loans, Chairman Raghu Menon said in New Delhi today. The company is estimated to have had a loss of about Rs 2,000 crore in the year ended March 31, he said.
Additional funds may help the company to pay for 111 planes on order and regain market share from Jet Airways and other overseas airlines that have expanded into the country. The government last year formed the National Aviation Co by merging international carrier Air India with its domestic counterpart Indian Airlines.
The government will consider “any request’’ from Air India, Civil Aviation Minister Praful Patel told reporters in New Delhi today.
22/08/08 Bloomberg/Business Standard

To Read the News in full at Source, Click the Headline

Categories: NACIL Aug 2008