The Indian finance ministry has turned down Air India’s request seeking letter of comfort (LoC) for increasing the buyers’ credit limit to $288 million from Standard Chartered Bank. The ministry is reported to be waiting for the report of committee of officers on Air India’s turnaround and the financial restructuring plans before considering approving a LoC. The group of ministers (GoM) headed by finance minister Pranab Mukherjee has asked government officers to examine the airline’s revival plan before recommending any financial assistance in the form of soft loan or equity. The GoM will meet this week to consider Air India’s
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