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AI says first tranche of Rs 400 cr infusion likely by January

Last Updated: Tuesday, November 17, 2009 - 16:27

Mumbai: Cash-strapped national carrier Air India on Tuesday said it is likely to receive Rs 400 crore in the first tranche of government funding by January 2010.

The airline is also making efforts to clear productivity -linked incentives (PLI) arrears of employees at the earliest.
"The first instalment of Rs 400-crore (equity infusion) is expected to come by January 2010," Air India said in a statement here.

Further instalments would be forthcoming after a periodic review of the cost-saving exercise at various levels, the statement said.

The funding comes following the Group of Ministers (GoMs) assurance to the national airline of Government aid to help it tide over its financial woes.
Air India also said it was making efforts to settle PLI payment for October shortly, so that the PLI arrears are cleared till date and future PLI payments are not in arrears for more than a month.

Bureau Report

First Published: Tuesday, November 17, 2009 - 16:27
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