Fraport drops demand for AI bank guarantee

New Delhi: Fraport, the German transport company that operates the Frankfurt International Airport, has dropped its demand for a bank guarantee from the Indian flagship carrier Air India immediately after a meeting with the airlines airport representative, an official in the company said.
Fraport had demanded a bank guarantee to secure its financial interests amidst the global crisis in the airline sector.
Air India executive director (corporate communications) Jitender Bhargava confirmed that Fraport had issued a letter to Air India seeking a bank guarantee.
But the Air India official argued that no bank guarantee was required as it is a Government owned airline.
Frankfurt is the international hub for Air India.
Mr Bhargava said that the matter was resolved at the local level itself.
11/07/09 Economic Times

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Categories: Air India - International Jul 2009, Airports Jul 2009, Foreign Jul 2009, NACIL Jul 2009