IOC puts AI on cash and carry mode

Dec 11, 2010 |

Correspondent

The Indian Oil Corporation (IOC) has put national carrier Air India on “cash and carry” mode which means that the cash-strapped airline will have to make daily payments for aviation turbine fuel in order to ensure uninterrupted flight operations. This was done after Air India failed to make adequate payments for ATF from some of the oil firms which already extend some time-period of credit to the airline. When contacted, Air India officials said that the matter would be sorted out through talks and expressed confidence that there would be no flight disruptions. Air India is banking on the proposed infusion of `1,200 crore from the government to it.

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