Rs 1,200-cr provision likely for AI in Budget 2010-11

Aamby Valley, Maharashtra: The central government is likely to inject another Rs 1,200 crore into the loss-making national carrier Air India in addition to the Rs 800 crore that the empowered group of ministers (eGOM) sanctioned earlier this week. Civil aviation minister Praful Patel said, “ We have requested the government to release Rs 1,200 crore by the end of this fiscal or to include it in the Union Budget for 2010-11. Also, Rs 800 crore will be dispersed in 8-10 days time. “
National Aviation Ccompany India Ltd that runs AI is in need of Rs 5,000 crore equity and a soft loan of Rs 7,000 crore to stay afloat as it has piled up a debt of Rs 16,000 crore as on December 31, 2009.
05/02/10 Financial Express

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Categories: NACIL Feb 2010