Indian government clears AI bailout

The Indian government yesterday cleared the financial bailout package for Air India (AI), which paves the way for a transfusion of additional equity into the airline and restructuring of its huge debt burden into soft loans and bonds. The turnaround plan for AI has been approved, civil aviation minister Ajit Singh told journalists after a meeting of the Cabinet Committee on Economic Affairs. As part of the state-run carrier’s restructuring plans, the government had announced infusion of Rs.4, 000 crore during the current fiscal in the Budget. This will raise the airline’s equity base to Rs.7, 345 crore. The SBI-led