'AI needs Rs 1,000 cr for makeover'

Mumbai: National air carrier Air India is in need of a capital infusion of up to Rs 1,000 crore for its rejuvenation, Union Civil Aviation Minister Praful Patel said.
"Air India needs a capital infusion of up to Rs 1,000 crore. A proposal has been received and we will go through all its details over the next few weeks," Patel told reporters here on Friday.
Airlines suffering losses was a universal phenomenon, Patel said, adding that Air India was looking for soft loans to meet its current requirements.
On airlines seeking to import Air Turbine Fuel (ATF), Patel said he supported the move.
"Airlines need some kind of relief for their fuel bills. ATF in our country is very expensive for various reasons. The taxes, both of the Central Government and the State Governments are very high. I will support airlines on the issue as it would help them reduce their operational costs," he said.
19/09/08 PTI/Times of India

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Categories: NACIL Sep 2008