Air India has total debts of USD8.4bn

India's Civil Aviation Minister Vayalar Ravi informed the Rajya Sabha, the upper house of the Parliament of India, in a written reply that Air India has total debts of INR437.77 billion (USD8.4 billion), consisting of aircraft and working capital loans (Press Trust of India/IANS, 24-Nov-2011). "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," Mr Ravi said. He noted the Government has infused INR32 billion (USD614.5 million) in equity into the carrier. He also noted the carrier owes INR37.77 billion (USD725 million) to airport operators, oil marketing companies, other vendors, interest on working capital loan, interest of IDBA aircraft loans and employee wages. According to Mr Ravi, Air India owes:

• INR23 billion (USD440 million) to public sector oil marketing companies;
• INR4.8 billion (USD92 million) as interest on working capital loan:
• INR3.7 billion (USD70.5 million) to other vendors;
• INR3.5 billion (USD67.2 million) towards employees wages;
• INR2 billion (USD34.5 million) as interest on IDBA aircraft loans:
• INR7.5 billion (USD14.5 million) to airport operators