India Civil Aviation Minister Vayalar Ravi stated Air India would likely receive an additional equity infusion of INR12 billion (USD268 million) with a group of ministers (GoM) deciding to prepare a proposal on the issue soon (PTI/Economic Times/The Hindu Business Line/The Telegraph, 23-Jun-2011). “The GoM will bring a proposal to release Rs 1,200 crore of equity and place it before the Cabinet Committee on Economic Affairs within a short time-frame,” Mr Ravi said. The GoM also decided to establish a committee to examine the turnaround and financial restructuring plans of Air India and submit a report within six weeks for a review. This committee will also examine the plan to restructure the airline’s debt.
23-Jun-2011 10:40 AM