Air India Asked to Prepare for Aid

New Delhi: India's federal government has asked Air India, the nation's flag carrier, to prepare a firm proposal for financial aid, Civil Aviation Minister Praful Patel said Tuesday.
Air India had in October 2008 sought a total of 39.81 billion rupees ($820 million) as financial assistance from the government.
That comprised 12.31 billion rupees as equity infusion and a loan of 27.50 billion rupees with an interest rate of 5%, payable over 15 years, Patel said in separate replies to lawmakers' queries in the upper house of Parliament.
Air India is the operating brand name for National Aviation Co. of India Ltd., or Nacil, which was formed after the merger of Indian Airlines and Air India in August 2007.
07/07/09 Santanu Choudhury/Dowjones/Wall Street Journal

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Categories: NACIL Jul 2009