Air India Seeks Rs 1,000 Crore In Short-Term Loans

6/8/2018 2:18:17 PM
written By : Team India Se Print

State-run Air India, which has failed to pay salaries to its over 11,000 employees on time for the third month in a row, is seeking Rs 1,000 crore (more than US$148 million) in short-term loans to meet "urgent" working capital requirements.

The airline borrowed Rs 6,250 crore (more than US$925 million) from various banks between September last year and January this year for working capital requirements and other needs.

The carrier has a debt burden of about Rs 50,000 crore (about US$7.4 billion) till March last year.

It has already received more than Rs 26,000 crore (about US$3.8 billion) under the bailout package announced by the former UPA government in April 2012.

The government's attempt to sell a 76 per cent stake in the debt-burdened airline has failed to draw even a single bidder.

A spokesman for the airline, which has not yet paid its employees for the month of May, said the salaries were expected to be disbursed by next week.  

4 comments for “Air India seeks loans”

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    2018.7.23xukaimin

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