New Delhi: In the big first reality check, the government will now have to decide if deep-in-red Air India should cancel the order for the 27 Boeing 787 Dreamliners worth almost $4 billion.
This view has been taken by a panel set up by AI under aviation ministry's financial adviser and DGCA chief Bharat Bhushan to study the compensation it should get from Boeing for the over three-year delay in the Dreamliner's delivery.
"Boeing has offered about $500 million, of which $264 million is notional compensation as that is the difference in price of aircraft ordered by AI and now. Our demand, keeping lost opportunity and other things in mind, was about $1 billion. The panel is of the view that the government and AI board should take a call whether AI needs to persist with this order and a further commitment of almost $4 billion when its financial condition finds difficult to pay for anything at all," said sources.
The Bhushan panel, that includes AI board members Prasant Shukul and former air chief F H Major, is learnt to have taken this call keeping in mind AI's financial condition. UPA-I had placed order for 111 new aircraft worth Rs 50,000 crore. While Airbus has delivered all its 43 planes, Boeing's 27 Dreamliners have been delayed and the US major has told AI that their delivery may begin this October.
The national carrier has debt of Rs 40,000 crore, of which Rs 18,000 crore is working capital loan and the rest is for aircraft purchase.
23/05/11 Saurabh Sinha/Times of India
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