Air India to get first bail-out money before Dec

New Delhi: Cash-starved state-run carrier Air India is likely to be given the first instalment of the bail out package before December, a senior official with the civil aviation ministry told the Hindustan Times. He said the fleet acquisition plan of the airline would also be re-looked.
The government has agreed to give Rs 5,000 crore to the carrier, which is in deep crisis because of losses to the tune of Rs 7,200 crore, interest outgo of Rs 4 crore per day and a bank overdraft of Rs 16,000 crore.
The government will re-look the airline’s fleet acquisition programme.
23/10/09 Samiran Saha/Hindustan Times

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Categories: NACIL Oct 2009