Mumbai: Flag carrier Air India (AI) plans to raise at least Rs 5,000 crore by issuing tax-free bonds as suggested by a consortium of 12 banks led by SBI Caps involved in the airline’s financial restructuring. An official from the carrier says, “The management is keen to float tax-free bonds to fund the airline’s fleet expansion and other expenses too. We have an ambitious strategy to order an additional 100 aircraft by 2015 over and above the recent orders we have placed.”
In 2006-07, the airline had placed orders for 111 new aircrafts with Boeing and Airbus, deliveries of which have started. Air India at present has 130 aircraft, and is in the process of phasing out ageing aircraft, which are of nine years and above.
In the last two years, the government had infused Rs 3,000 crore into the national carrier, which has been struggling with gargantuan losses.
15/04/11 Shaheen Mansuri/Financial Express
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