Govt mulls investing more in Air India: Praful

Written by: Mamatha
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Mumbai, Jul 26: Civil aviation minister Praful Patel said on Sunday, Jul 25 that the Air India currently has working capital debt of 180 billion rupees.

"The government will consider putting more capital into state-run Air India if the national carrier improves," said Praful Patel.

"The government has said based on performance parameters, it will look at inducting fresh equity," Patel said.

The airline is currently going through a debt restructuring process as it looks to clean up its balance sheet with SBI capital managing its overall debt recast.

However, Air India has said it has no plans to cut jobs.

Air India chairman Arvind Jadhav has said the airline, which incurred a loss of 54 billion rupees in the year to Mar 31, 2010, expects to pare its losses by around 75 percent this fiscal year.

OneIndia News

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