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