Air India to get Rs.4,000 crore budget support for 2012-13March 16th, 2012 - 5:49 pm ICT by IANS
New Delhi, March 16 (IANS) Finance Minister Pranab Mukherjee Friday proposed to pump in Rs.4,000 crore in equity into the ailing national carrier, Air India, in the next fiscal.
“Budgetary support of Rs.4,000 crore has been earmarked for equity infusion in Air India Limited,” said the expenditure budget presented to the Lok Sabha for the financial year starting April 1, 2012.
In his last budget (2011-12), Mukherjee had allocated Rs.1,200 crore for the flag carrier.
The Airports Authority of India (AAI) has been allocated Rs.280 crore, out of which Rs.80.52 crore has been earmarked for airport development in the northeastern states.
The aviation regulator, the Directorate General of Civil Aviation (DGCA), has been allocated Rs.60 crore to pursue its plans.
Air India currently has a total debt of Rs.43,777 crore, including loans and dues to vendors like oil firms and airport operators.
A group of ministers (GoM) led by Mukherjee had approved the debt restructuring plan that allows the carrier to raise Rs.7,400 crore via bonds, backed by a sovereign guarantee.
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- Government rolls out plan to help domestic airlines (Roundup) - Feb 07, 2012
- Air India board to meet Tuesday - Nov 29, 2011
- Government approves direct jet fuel import, Air India debt plan (Lead) - Feb 07, 2012
- Air India's turnaround plan approved (Roundup) - Apr 12, 2012
- Ministerial panel on Air India to meet next week: Ravi - Jul 18, 2011
- Rs.18,000-crore Air India restructuring plan approved - Apr 03, 2012
- Air India board decides on loan restructuring, cost-cutting measures - Nov 29, 2011
- Northeast to get Rs.93 crore for airport development - Feb 28, 2011
- Government bound to revive Air India: Official - Jul 14, 2011
- Government to pay Rs.150 crore dues to help Air India - Jan 17, 2012
- GoM on Air India refers equity infusion to cabinet - Oct 28, 2011
- Am aware of Air India's woes, solution soon: PM - Jun 30, 2011
- Measures on to revive Air India: Government - Jul 01, 2011
Tags: air india, airport operators, airports authority of india, airports authority of india aai, budget support, budgetary support, carrier air, civil aviation, debt restructuring, dgca, equity infusion, expenditure budget, finance minister, flag carrier, india limited, Lok Sabha, national carrier, northeastern states, oil firms, pranab mukherjee