AI faces whopping debt of Rs 43,777 crore

Nov 24, 2011 |

New Delhi

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The total debt of cash-strapped Air India, consisting of aircraft and working capital loans, is Rs 43,777 crore and the governnment has infused Rs 3,200 crore equity to help the airline, Civil Aviation Minister Vayalar Ravi said today.

"The total debt of Air India, consisting of aircraft loans and working capital bank loan aggregates Rs 43,777.01 crore. The working capital loan is Rs 21511.10 while the aircraft loan is Rs 21412.06," Ravi informed Rajya Sabha in a written reply.

Apart from it, the beleaguered national carrier owes Rs 3,777 crore to airport operators, oil marketing companies, other vendors, interest on working capital loan, interest of IDBA aircraft loans and employee's wage.

"Air India owes Rs 2,300 crore to public sector oil marketing companies, Rs 480 crore as interest on working capital loan, Rs 200 crore as interest on IDBA aircraft loans, Rs 350 crore towards employees wages, Rs 367 crore to other vendors and Rs 75 crore to airport operators," Ravi said.

The national carrier has registered a loss of Rs 5548.26 crore during 2008-09, Rs 5552.44 crore during 2009-2010 and Rs 6994 crore (provisional) during 2010-11. He said that the government has infused fresh equity of Rs 3,200 crore to help the national carrier.

The airline has prepared a turnaround plan and financial restructuring plan, on the direction of Group of Ministers, which was examined by the Group of Officers.

"The recommendations of GoO have been referred by the GoM for RBI's review and regulatory forbearance on the FRP," he said.

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