Reuters
Posted: Saturday, Dec 31, 2011 at 1040 hrs IST
New Delhi: Ministry of Civil Aviation proposed to provide Rs 330 billion ($6.22 billion) to cash-strapped Air India by 2017 as part of the government's 12th Five-Year Plan, according to a working group report. The proposed aid would include an equity infusion of Rs 199 billion into the loss-making carrier and Rs 112 billion for aircraft projects, including purchases and maintenance, the report shows.
The report says the total debts of India's airlines are expected to rise to $20 billion in 2011/12 ending March as they struggle with rising oil prices, high sales taxes on jet fuel and below-cost pricing driven by fierce competition.
State-owned Air India, which is burdened with a debt of $4 billion, said on Thursday its board had approved issuing Rs 75 billion worth of shares to its lenders as part of its financial restructuring. It gave no details on the exact stakes lenders may own.
A consortium of Air India's lenders...
Source: http://financialexpress.com/news/govt-proposes-6.2-bn-aid-for-air-india/894172/
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