New Delhi: The government on Thursday approved an advance equity infusion of Rs 250 crore to cash-strapped Air India to ensure that the airline can pay banks and avoid becoming a non-performing asset. The debt-ridden airline was on the verge of defaulting on payment of installment on working capital loans of about Rs 22,000 crore for the third month in a row. However, the airline still has no money to pay salaries to its 40,000-odd employees and they will have to wait to get their dues.
Last month also, the finance ministry had given Rs 250 crore to AI as advance equity infusion. In the last fiscal, the government had given Rs 2,000 crore to AI and is expected to give Rs 1,200 crore this year as equity infusion. An additional Rs 500-odd crore was recently cleared for payment to the airline for the VVIP flights operated by it.
29/07/11 Saurabh Sinha/Times of India
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