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04-26-2012, 09:30 AM #1
Air India incurs Rs 7,853 cr loss in 2011-12
The government on Wednesday said losses made by national carrier Air India could be around Rs 7,853 crore in financial year 2011-12.
"As per the provisional estimates for the financial year 2011-12, Air India is likely to incur a loss of Rs 7,853 crore," Civil Aviation minister Ajit Singh said.
He was responding to a question in the Lok Sabha where he also gave details of the financial packages that the government had approved for the national carrier.
"Induction of upfront equity of Rs 6,750 crore, including Rs 1,200 crore provided in the budget of 2011-12" was part of the government's financial package to the airline, Singh said.
An equity for cash deficit support of Rs 4,552 crore (till 2021) and equity for already guaranteed aircraft loan of Rs 18.929 crore till financial year 2021 had already been approved, he said.