BAILOUT FUNDS FINALLY APPROVED FOR AIR INDIA

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By TESTCustomwebLP TESTCustomwebLP January 5, 2011 21:22

BAILOUT FUNDS FINALLY APPROVED FOR AIR INDIA

The Indian Cabinet Committee for Economic Affairs (CCEA) has approved an infusion of $267 million for beleaguered state carrier Air India. The carrier, which posted an operational profit of $4.9 million in November 2010, will use the funds to increase flights to more destinations and maintain low fares for middle-class travellers.

Air India has debts of 40,000 crore but the bailout should allow it to keep flying and turn a profits, although the CCEA has stipulated it rationalise its wage structures and workforce.

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By TESTCustomwebLP TESTCustomwebLP January 5, 2011 21:22
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