Wednesday, December 11, 2019

Air India seeks Rs 2,400 cr government guarantee to raise funds

New Delhi: Faced with acute financial crunch, Air India has sought Rs 2,400 crore guarantee from the government to raise fresh funds to mainly meet its operational requirements, according to an official.
The development comes at a time when the government is in the process of finalising the contours for divestment of debt-laden Air India.
The official said the airline has asked for Rs 2,400 crore sovereign guarantee in order to raise money to mainly meet its operational requirements.
An Air India spokesperson did not offer any comment on the issue.
On November 27, Minister of State for Civil Aviation Hardeep Singh Puri told the Rajya Sabha that interests of Air India employees would be protected and there would be no job loss till its privatisation.
"Your airlines would have to be closed down, unless not privatised," he had said.
Air India's net loss in 2018-19 is provisionally estimated to be Rs 8,556.35 crore.
11/12/19 PTI/Economic Times
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