Budget may bring some good news for ailing Air India

New Delhi: There could be some good news for ailing Air India in the upcoming budget with the government considering a support package of about Rs 10,000 crore for it, including Rs 6,600 crore worth of equity infusion.
The Union Cabinet is expected to consider this package shortly to enable inclusion of the provision in the general budget, official sources said, adding that a Cabinet note has already been circulated for comments from various ministries.
The cash-strapped airline is likely to get a Rs 10,000 crore package in the next financial year, including additional equity of Rs 6,600 crore and other support, the sources said.
The move comes two weeks after a Group of Ministers, headed by Finance Minister Pranab Mukherjee, cleared the financial restructuring plan for the cash-starved national carrier, allowing it to raise Rs 7,400 crore by issuing government-guaranteed bonds or other means.
26/02/12 Press Trust of India/Business Standard

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Categories: Air India Feb 2012