Air India likely to receive additional USD268m equity infusion

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.