Although the Indian government approved a rescue package for Air India nearly six months ago, the latest news from the country is that the finance ministry is holding back sovereign guarantee and may seek fresh commitments from the national carrier. The guarantee is essential to the airline’s restructuring plan. Once it is received Air India will issue NCDs or bonds of Rs 7,400 crore to banks, LIC and EPFO to retire existing high-cost loans, which is in addition to bank loans of Rs 11,000 crore which have already been restructured. However the finance ministry appears to have stalled action on

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