CCEA TURNS DOWN EXTRA FUNDS FOR AIR INDIA

Dino D'Amore
By Dino D'Amore October 28, 2010 14:00

CCEA TURNS DOWN EXTRA FUNDS FOR AIR INDIA

Air India Ltd has failed to meet some promised targets and the Indian cabinet committee on economic affairs (CCEA) has subsequently turned down a second equity infusion for to Rs1,200 crore for the airline.

The equity infusion is critical for the airline’s cash flow as well as to raise more capital that would help it pay back some of its Rs18,000 crore of debt. It is unsure how the airline will progress from here unless the CCEA has an exception is agreed by a group of ministers that had specified the targets for Air India to achieve.

Dino D'Amore
By Dino D'Amore October 28, 2010 14:00
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