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Sunday August 30, 02:10 PM
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Govt to bail out Air India - papers
MUMBAI (Reuters) - The government has agreed to inject funds into the ailing national carrier Air India, newspapers reported on Sunday, citing government sources.
Air India's accumulated loss was about 72 billion rupees ($1.5 billion) at the end of March, Aviation Minister Praful Patel told parliament last month, adding the airline needed government assistance.
The Financial Express said Air India could get 25 billion rupees ($514 million) to 30 billion rupees of equity. The Economic Times put the figure at 50 billion rupees to be linked to performance over the next three years.
The decision was taken at a meeting of a government committee of secretaries on Saturday, the two papers said.
Air India has been hit by a slowdown in the economy and high cost of operations.
