AIR INDIA EQUITY INFUSION APPROVED BY THE CCEA

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By TESTCustomwebLP TESTCustomwebLP August 5, 2011 11:56

AIR INDIA EQUITY INFUSION APPROVED BY THE CCEA

The Cabinet Committee on Economic Affairs (CCEA) has approved an equity infusion of Rs 1,200 crore into Air India, boosting its equity base to Rs 3,345 crore, which should make it easier for the airline to get working capital loans.

Air India has a debt of Rs 46,950 crore on an equity base of Rs 2,145 crore.

The extra funds should help the airline pay salaries for June and July and performance-linked incentive (PLI) for May to its 38,000-odd employees, as well as clear dues of Rs 4,500 crore it owes to various airport operators and oil marketing companies.

The accumulated losses of Air India as of March 31, 2010 stand at over Rs 13,000 crore.

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By TESTCustomwebLP TESTCustomwebLP August 5, 2011 11:56
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