New Delhi pumped around US$596m into Air India
New Delhi has budgeted only a token amount to support Air India's continuing turnaround for the year to April 2020, after documents revealed that it has received US$596m (Rs40b) this financial year. The final amount is up sharply from the previously allocated budget of Rs6.5b for the struggling carrier for the year to 31 March 2019, and well over double the Rs18b provided by New Delhi to the carrier in the 2017/18 fiscal year. By comparison, only Rs100,000 has been allocated to the turnaround plan for fiscal 2019/20. In 2018 New Delhi attempted to sell a 76% stake in the financially-hamstrung carrier, but the privatisation failed to attract a single bid. In the aftermath of that failed attempt, the airline issued tenders seeking a total of Rs15 billion in urgent working capital loans, and sought additional capital infusions from the government.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-02-04/star/new-delhi-pumped-around-us-596m-into-air-india
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New Delhi pumped around US$596m into Air India
New Delhi has budgeted only a token amount to support Air India's continuing turnaround for the year to April 2020, after documents revealed that it has received US$596m (Rs40b) this financial year. The final amount is up sharply from the previously allocated budget of Rs6.5b for the struggling carrier for the year to 31 March 2019, and well over double the Rs18b provided by New Delhi to the carrier in the 2017/18 fiscal year. By comparison, only Rs100,000 has been allocated to the turnaround plan for fiscal 2019/20. In 2018 New Delhi attempted to sell a 76% stake in the financially-hamstrung carrier, but the privatisation failed to attract a single bid. In the aftermath of that failed attempt, the airline issued tenders seeking a total of Rs15 billion in urgent working capital loans, and sought additional capital infusions from the government.<br/>
