According to a report by Somesh Jha for Business Standard, the troubles for government-owned Air India Ltd. (AI) could deepen in 2015-16 if it does not get the expected infusion of additional capital. The Ministry of Civil Aviation (MoCA), Government of India told a parliamentary panel recently that AI could default on repayment of loans taken for aircraft purchase if it did not get the entire expected equity infusion; and that this could mean a series of delayed payments to oil companies, the Airports Authority of India (AAI), and on repayment of interest on government-guaranteed debentures. The Ministry said so to the Standing Committee on Transport, Tourism and Culture.
In this year’s Union Budget, Arun Jaitley, Minister for Finance, Government of India, had made a provision of Rs 2,500 crore for the airline as additional equity infusion, against the airline’s demand of Rs 4,277 crore. The government stated no reason for the cut. After this, AI wrote to the Finance Ministry to have the remaining Rs 1,777 crore restored. It is yet to happen.
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