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INR 300 bn Fund-Infusion Proposal for Air India Rejected by FinMin
September 01, 2018
Due to the lack of a clear turnaround plan, the Finance Ministry has turned down a fund-infusion proposal of INR 300 billion for Air India. The Civil Aviation Ministry was seeking funds to clear the massive debt of the national carrier and make payments to its staff and vendors.
The Finance Ministry has directed the airline to transfer its subsidiaries as well as non-core assets to a “Special Purpose Vehicle” (SPV). Although its total debt stands at Rs. 500 billion, nearly Rs. 220 bn of the same has been tagged “unsustainable” which means it can’t be cleared with cash flow income.
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