Air India borrows Rs 15,241 cr in less than two years

New Delhi: Borrowings of national carrier Air India have jumped from Rs.6,550 crore to Rs.15,241 crore since November 2007 owing to the global slowdown, high fuel costs and fleet expansion, Civil Aviation Minister Praful Patel told parliament Thursday.
The minister also said the airline has been facing a financial crunch for the past few years. "Its borrowings have risen steeply from Rs.6,550 crore in November 2007 to Rs.15,241 crore in June 2009," he said.
This, Patel said, was on account of purchase of new aircraft as well as operational losses, which have been compounded by the slowdown and soaring oil prices.
Of the 111 aircraft it has placed orders for, the national carrier has received 48 in the last three years at a cost of Rs.10,438 crore. Currently, it has 155 aircraft including leased ones.
02/07/09 IANS/Economic Times

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

Categories: NACIL Jul 2009